Hui Ka Yan speaks during a news conference on the sidelines of the fourth session of the 12th National People’s Congress on March 6, 2016 in Beijing, China.
Etienne Oliveau/Getty Images
Chinese real estate tycoon Hui Ka Yan is rapidly slipping down the wealth rankings. He net worth dropped another $3.35 billion this week, as shares of his Evergrande tumbled 26%.
The company’s Hong Kong-listed shares have plunged 68% over the past year, and analysts say the once resourceful tycoon appears to be running out of options to avert a mounting debt crisis. It’s a dramatic turn of events for Hui, who had been crowned Asia’s richest person just four years ago, when his net worth peaked at $45.3 billion. Today, his fortune currently sits at $17.2 billion and there’s no telling how much further it may drop.
The embattled tycoon is struggling to reduce a total debt pile that grew another 5% to reach a whopping 1.95 trillion yuan ($301.6 billion) as of last year….