The Politics Behind the Rise and Downfall of Evergrande’s Hui Ka Yan

Billionaire arrested after shady asset transfers and filing for bankruptcy protection.

Evergrande's president Hui Ka Yan, also known as Xu Jiayin, attending a meeting in Wuhan, in China's central Hubei Province on June 5, 2017. AFP via Getty Images

News Analysis

Two weeks after Evergrande’s chairman Hui Ka Yan, filed for bankruptcy protection in the United States, Chinese authorities ordered his arrest. Filing for bankruptcy protection in a U.S. court is believed to be a means for Mr. Hui to protect his overseas assets from prosecution and to continue transferring assets.