The rise and fall of Evergrande's founder: sale of a $60 million superyacht for only $32 million
The rise and fall are inseparable parts of life, and Hui Ka-Yan, once the richest man in China and founder of the Chinese company Evergrande, experienced both phases over several decades…
The founder and chairman of the leading Chinese real estate developer, China Evergrande Group, once held the title of the wealthiest person in the nation - until that was no longer the case. While he remains a billionaire, this tycoon from Shenzhen had to part with many of his valuable assets to satisfy his creditors. One of those precious possessions was the Amels 199 Limited Editions superyacht named "Event."
Originally valued at $60 million, this luxurious 197-foot yacht reportedly sold for just $32 million in 2023. Created in 2013 and known for its elegance, the yacht won the World Superyacht Award in 2014. The Event yacht represents the result of collaboration between the Amels shipyard and yacht designer Tim Heywood.
The yacht's main feature are its numerous luxurious amenities, from its incredibly spacious suites to the open-air pool and cinema. Its retractable roofs that open up for stargazing are particularly noteworthy. Additionally, the yacht boasts many other specific features that were carefully considered during its design.
Hui was born in 1958 and grew up in a village in Gaoxian, a township with fewer than 50,000 residents in Henan province. He began his career as a technician in a local steel factory. However, his ambition led him to establish Evergrande in Guangzhou in 1997. The company quickly became one of China's largest real estate firms. However, its rapid growth also led to massive debts. As the debts mounted, Hui had to relinquish many of his valuable assets, including the superyacht Event.
This story serves as a vivid reminder that wealth and success can be fleeting, but the determination and courage to face challenges and overcome them are what define us.