China | A pox on your houses

Amid turmoil in China’s property market, the public seethes

Anger is turning against the tycoons who profited from a house-building boom

Image: Qilai Shen/The New York Times/Redux
|SHANGHAI

Lampooning Hui Ka Yan has become something of a national pastime in China. Once one of the country’s richest men, the tycoon was detained in September for unspecified crimes. His company, Evergrande, the world’s most indebted property developer, is on the cusp of death; a debt-restructuring plan for it has collapsed. No sooner did news of Mr Hui’s detention spread than a flood of jokes at his expense surged through China’s social media, pillorying his extravagance and pomposity. The humour was bitter: tens of thousands of homebuyers feel cheated by his firm.

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This article appeared in the China section of the print edition under the headline “A pox on your houses”

From the October 14th 2023 edition

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