Evergrande head uses $1bn of own money to buy company bond

Billionaire's move underscores the troubles China's property sector faces

20181031N China Evergrande Group Hui Ka Yan

China Evergrande Group's chairman, Hui Ka Yan, was among China's three wealthiest people in a recent ranking.

NIKKI SUN, Nikkei staff writer

HONG KONG -- Hui Ka Yan, chairman of China Evergrande Group, the mainland's most indebted real estate developer, has used $1 billion of his own money to buy debt issued by the company at steep 13% interest rates.

While the move is aimed at luring other investors, analysts say the unusual bond offer only underscores the mounting financial pressure on the company, China's second-largest developer by sales.

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