The founder of Chinese property giant Evergrande Group, Hui Ka Yan, is reportedly to have raised funds by selling off personal assets and his holdings of equities, to pay back bond coupons and maintain basic operations of Evergrande, financial media cls.cn reported earlier this week, citing sources close to Evergrande's capital circle.
It is said that since July 1 this year, Hui has raised more than 7 billion yuan ($1.1 billion) in cash through selling off his personal assets and equities, and he handed the proceeds to the group.
Hui's 7 billion yuan injection to Evergrande has enabled monthly payment of salaries to company employees, payment of interests on bonds at home and abroad, and ensured resumption of some of its real estate projects across the country.
