News Snapshot:
A Chinese billionaire has seen a dip in over 90 per cent of his fortune as the country’s once red-hot property market continues its slump. The wealth of Hui Ka Yan, the chairman of real estate developer China Evergrande Group, has plunged to $3 billion from $42 billion in 2017, according to the Bloomberg Billionaires Index. Hui, known as Xu Jiayin in Mandarin, was not just once among China’s richest and high-profile titans but also held the title of the second-richest person in Asia, noted Bloomberg. How did the billionaire lose 93 per cent of his personal fortune? Let’s take...
