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Evergrande chairman pocketed $8 billion in dividends while forcing employees to lend company cash

IMAGE: FBI.gov

24 September 2021

INVESTMENT WATCH BLOG (TAIWAN NEWS) — New investigations by Forbes reveal Hsu Chia-yin (許家印), chairman of Evergrande Group (恆大集團), continued to stuff his pockets with dividends while his company racked up enormous debt worth US$300 billion (NT$8.32 trillion).

The company’s chairman has received US$8 billion from cash dividends since Evergrande’s 2009 IPO on the Hong Kong Stock Exchange, according to a Forbes report. Meanwhile, the property developer’s total liabilities increased every year since it went public, according to its annual reports, but it paid out a dividend to Hsu every year except 2016.

Evergrande pushed China’s housing market to the brink of disaster when it warned banks that it would be unable to make its debt payments due this month. The company still owes an estimated 1.6 million incomplete apartments to buyers who have already made down payments. […]

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1 Comment on Evergrande chairman pocketed $8 billion in dividends while forcing employees to lend company cash

  1. China being a full on fascist state, it is not beyond the bounds of probability that this guy will be shot in the back of the head with small caliber round in a prison yard. In fact, he’s probably sweating off the extra pounds now.

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