Mingling with power brokers at celebrations to mark the centenary of the Chinese Communist Party on July 1, 2021, a beaming Hui Ka Yan showed no signs that his company, China Evergrande Group, was facing mounting pressure paying its debts. Hui, wearing a navy-blue suit and open-neck shirt, looked relaxed as he stood on a podium overlooking the festivities in Tiananmen Square, an invitation many considered an official show of support for the billionaire businessman. A month earlier, the Evergrande group chairman had hosted a rare meeting with more than 1,000 suppliers and was once again flanked by the business elite, as he spoke of his debt deleveraging goals.
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