ANALYSIS: Evergrande Bankruptcy Linked to Xi’s Purge of Political Rivals

A purge of political rivals may have been behind the collapse of real estate giant Evergrande, experts say.

A sign of the Evergrande Center is seen at the Evergrande Center building in Shanghai on Oct. 9, 2021. Hector Retamal/AFP via Getty Images

As the bankrupt Evergrande Group struggles in an abyss of colossal liability, Chinese news media and online platforms have been inundated by rumors about the property conglomerate’s founder, Xu Jiayin (also known as Hui Ka Yan).

As various stories swirl, one thing is certain: like everything in China, Mr. Xu’s fortunes, and those of his company, are tied to those of the Chinese Communist Party (CCP).