As China Evergrande Group fights for survival under more than 1.97 trillion yuan (US$305 billion) of liabilities, speculation is mounting that a painful restructuring is inevitable.
The stock has plunged 82 per cent this year, wiping out some US$20 billion of market value, while its offshore bonds are trading at distressed or near-default levels. None would have suffered more than its 62-year old founder Hui Ka-yan who owns 76 per cent of the company and has bought a large chunk in its own dollar bonds. His staunchest ally Joseph Lau at Chinese Estates Holdings is also nursing steep losses.