Property tycoons lose $65bn after China curbs runaway excesses ...Qatar

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Property tycoons lose $65bn after China curbs runaway excesses
When Hui Ka Yan headlined a high-profile philanthropic event in 2018, he spoke at length about how he subsisted on sweet potatoes as a child in his home village. The China Evergrande Group chairman was in his prime – with $40bn in wealth, he rivalled Jack Ma as the nation’s richest person. He made a point to attribute his success to the Communist Party. That year, about a fifth of the country’s billionaires hailed from a real estate sector that revelled in rags-to-riches stories like Hui’s. All that has changed since then. China’s yearlong campaign to control runaway property prices has pummelled its biggest developers, tanking home sales 11 months straight and obliterating $65bn in wealth

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