SHANGHAI -- Xu Jiayin built China Evergrande Group into one of China's largest property developers in less than 25 years. Holding more than 70% of the company, the founder has had full command of its operations. But his colossus is now mired in debt of about 2 trillion yuan ($312 billion) and this week appeared to be days away from being officially declared in default.
Born to a poor family in Henan Province, Xu took advantage of China's reform and opening-up policy to become the country's wealthiest man.
