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China property
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China’s ‘Two Sessions’ 2022: which moguls are in the hot seat over their real estate debts?

  • Six of the 13 property chairmen attending the meetings will be representing developers that have either officially defaulted or asked creditors for more time
  • They are likely to face some tough questions about their plans to repay the debts they owe to banks, suppliers, contractors and bond holders

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The Great Hall of the People, venue for the National People’s Congress (NPC), in Beijing. Photo: AFP
Pearl Liu
Delegates from China’s property developers, the nation’s largest debtors, are likely to be feeling the pressure when they show up at the Great Hall of the People for the annual legislative meeting in Beijing in the coming days.
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Six of the 13 real estate company chairmen attending the “two sessions” will be representing developers that have either officially defaulted on their debts or have asked creditors to give them more time to pull together the money they owe.
These delegates, among them China Evergrande Group’s Hui Ka-yan, Shimao Group Holdings’ Hui Wing-mau and Zhenro Property’s Ou Zongrong, may face some uncomfortable questions about their plans to repay the debts they owe to banks, suppliers, contractors and bond holders, and how they intend to complete their unfinished projects.

Their proposed solutions to avoid further cracks appearing in China’s housing market are likely to be major focal points of the meetings.

Here are some of the embattled property moguls who will be under the spotlight in Beijing during the two sessions.

  1. Hui Ka-yan, China Evergrande Group, CPPCC delegate of the Economics section

Evergrande, chaired and founded by Hui Ka-yan in 1996, officially defaulted on its US dollar payment in December after it had struggled to pay suppliers, high-yield wealth management product investors and banks since the summer.

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