Chinese billionaire Hui Ka Yan's wealth has diminished to $3 billion from $42 billion in 2017-2018, Bloomberg Billionaire Index showed. The chairman of the China Evergrande Group, once the second richest person in Asia, was known to be the bridge between the Chinese elite's world of business and the country’s political power centres.

Ditched by Communist Party, Chinese billionaire loses 93 per cent of his fortune

China's property sector crisis has deepened. After reports came that another property giant Shimao had to put all of its projects up for sale and Evergrande attempted another high-profile default.

China: Property giant Shimao had to put all of its projects up for sale

China Evergrande Group has said that it had made initial progress in resuming construction work with its chairman vowing to deliver 39,000 units of properties in December, compared with fewer than 10,000 in each of the previous three months.

China's Evergrande reports progress in work on construction projects

China's Evergrande Group scrambles to meet debt obligations and liabilities within the deadlines already missed in the past. Evergrande groups founder is freeing up assets from luxury arts, high-end homes, and more.

China's Evergrande Group scrambles to meet debt obligations

In what can be another blow to reputation of China's debt-laden Evergrande, Hong Kong stock exchange said that it had suspended trading in its shares. The action has come days after some bondholders said the property developed had missed the second payment of interest on bonds.

Hong Kong Stock Exchange halts trading of Evergrande shares

Evergrande, the embattled Chinese real estate developer, said Wednesday that it was selling a stake it held in Shengjing Bank for about $1.5 billion, with the proceeds going toward paying down its debts.

Evergrande sells $1.5 billion stake in a bank to help settle debts

Troubled Chinese housing giant Evergrande said on Wednesday that it has agreed a deal with domestic bondholders that may allow it to avoid default on one of its interest payments.

China's crisis-hit Evergrande says deal has been reached to avoid default

US stocks sank on Monday over fears of collapse of Chinese property giant Evergrande. The Dow lost 1.8 per cent and the S&P 500 index fell 1.7 per cent. The grim performance at the stock exchange was further fuelled by US inflation including surging COVID-19 infection and weakness in global recovery.

US stocks slide over fears of China property giant Evergrande's collapse

China's most indebted property developer Evergrande Group is struggling to solve its debt crisis. Watch this video for more details.

World Business Watch: Biggest test for China's Financial system