China Evergrande struggles to convince investors with debt-cut plan

HONG KONG — Xu Jiayin, China’s third-richest person, built his wealth on the back of a corporate borrowing binge and has never been shy of betting on grand plans.

The tycoon, who previously worked at a state-owned steel factory for a decade and then at a trading firm for four years before moving into real estate in 1996, last week unveiled another such plan to restore the diminishing luster of his company, China Evergrande Group.

This time he wants to reverse course and slash debt by selling land and accelerating sales at China’s largest and most indebted property developer.


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