According to CNN and moneyreview.gr. Case in point is Hui Ka Yang, chairman of Evergrande, a Chinese property management and development giant that collapsed as the pandemic spread. Meanwhile, according to Bloomberg’s list of billionaires, his net worth has dwindled to around $3 billion after skyrocketing to $52 billion in 2017, a sharp drop of nearly 93 percent.

The huge drop comes as most of Hui Ka Yang’s personal fortune is tied to Evergrande, which is currently the Chinese real estate and construction company’s largest debt of $300 billion and has been facing huge financial difficulties since 2021. The tycoon was forced to sell houses and private jets in his own name to cover some of Evergrande’s debts. However, this was not enough, and the company reached the point in December 2021 that it was unable to redeem its dollar bonds, despite months of efforts to raise the necessary amount. Last year, Evergrande failed to agree on a debt restructuring plan, raising further questions about its future.

Evergrande Chairman Hui Ka Yang of China has dropped to $3 billion from $52 billion in 2017.

According to CNN, Evergrande is huge. It has about 200,000 employees, generated at least $110 billion in sales in 2020, and has completed at least 1,300 projects in about 280 cities in China in the company’s history. Therefore, market participants have repeatedly warned that its collapse could cause such severe turmoil in China’s housing market that it will hurt not only property owners, but the entire economy. It is noted that the real estate market and related industries account for up to 30% of China’s GDP. Of course, it’s worth noting that Hui isn’t the only billionaire looking to make huge losses in 2022. Elon Musk, for example, became the first person in history to lose $200 billion in one year. Accordingly, Musk’s wealth was directly linked to the shares of the automaker he founded, Tesla, which fell 65% in 2022.