Jiayin Xu (Hui Ka Yan)

Early Life and Background

Xu Jiayin was born on October 9, 1958, in Taikang County, Zhoukou, Henan province, People's Republic of China, into an impoverished rural family. His childhood was marked by significant hardship; his mother passed away when he was only eight months old, leaving him largely to be raised by his grandmother. His father was a former soldier who had served in the Second Sino-Japanese War and later became a warehouse manager. Growing up in a period of severe economic scarcity in rural China, Xu Jiayin experienced firsthand the challenges of poverty, including living in a dilapidated thatched hut and frequently relying on sweet potatoes for sustenance. These early experiences instilled in him a profound and enduring work ethic, a strong drive for self-improvement, and an acute understanding of the struggles faced by ordinary Chinese citizens, which later influenced his business philosophy, particularly in developing affordable housing projects.

Education

Despite his challenging upbringing and the general lack of educational opportunities in rural China during his youth, Xu Jiayin demonstrated strong academic aptitude. He successfully completed his secondary education and, following the reintroduction of the Gaokao (national college entrance examination) in 1977, he secured admission to university. In 1978, he enrolled at the Wuhan Institute of Iron and Steel, which is now known as Wuhan University of Science and Technology. There, he pursued a bachelor's degree in metallurgy, a technical field that was highly valued in China's developing industrial economy. He graduated in 1982, equipped with a solid technical education and a pathway to professional employment, marking a significant step in his personal and social mobility from a peasant background to a skilled professional in the state-owned sector.

Career

Upon graduating in 1982, Xu Jiayin was assigned to work at the Wuyang Iron and Steel Company in Henan province, a large state-owned enterprise. He dedicated ten years to this company, steadily rising through the ranks from a technician to a factory director. This decade provided him with invaluable experience in industrial management, production efficiency, and the operational complexities of a large-scale enterprise within China's planned economy. In 1992, at the age of 34, Xu Jiayin made a pivotal decision to leave the stability of the state-owned sector and move to Shenzhen, then a rapidly developing special economic zone. He initially worked for a trading company and subsequently joined Zhongda Group, a real estate company, where he gained crucial insights and hands-on experience in the burgeoning property development industry. Recognizing the immense potential in China's accelerating urbanization, Xu Jiayin founded the Evergrande Group (Hengda Group) in Guangzhou, the capital of Guangdong province, in 1996. His inaugural project, Jinbi Garden, was reportedly a resounding success, selling out rapidly and providing the initial capital for his ambitious expansion plans. Under his leadership, Evergrande embarked on an aggressive growth trajectory, expanding its footprint into more than 280 cities across China and developing a diverse portfolio that included residential complexes, commercial properties, and hospitality ventures. The company became known for its high-leverage strategy, rapid construction, and extensive land bank acquisitions. A major milestone occurred in 2009 when Evergrande Real Estate Group successfully listed on the Hong Kong Stock Exchange, raising substantial capital that fueled further exponential growth. Beyond real estate, Xu Jiayin diversified Evergrande's interests into a wide array of sectors, including sports (most notably the Evergrande Football Club, later Guangzhou FC), new energy vehicles (Evergrande New Energy Vehicle Group), bottled water (Evergrande Spring), and healthcare (Evergrande Health). This strategic diversification transformed Evergrande into a sprawling conglomerate, reflecting Xu Jiayin's relentless entrepreneurial drive and ambition.

Major Achievements

Xu Jiayin's most significant achievement lies in the establishment and meteoric rise of Evergrande Group, which he transformed into one of China's largest and most influential property developers. By 2017, his personal fortune was estimated to exceed US$40 billion by the Hurun Report Global Rich List, solidifying his status as China's richest man. Under his stewardship, Evergrande was responsible for developing millions of square meters of residential and commercial properties, playing a substantial role in accommodating China's rapid urbanization and addressing housing demand. His involvement in sports also yielded remarkable success, with Guangzhou Evergrande Football Club achieving unprecedented dominance in Asian football, securing eight Chinese Super League titles and two AFC Champions League titles under Evergrande's ownership. Furthermore, Xu Jiayin held considerable political influence, serving as a delegate to the 11th, 12th, and 13th Chinese People's Political Consultative Conference (CPPCC) from 2008 to 2023, which is China's top political advisory body. He was also recognized for his philanthropic endeavors, making significant donations towards educational initiatives, poverty alleviation programs, and disaster relief efforts across China. However, these achievements are largely overshadowed by the unprecedented Evergrande debt crisis, which commenced in late 2020 and intensified throughout 2021. This crisis exposed over US$300 billion in liabilities, triggering widespread concerns about the stability of China's financial system and its broader real estate market, ultimately leading to a dramatic decline in his personal wealth and the effective collapse of his business empire.

Personal Life

Xu Jiayin is married to Ding Yumei. Together, they have two sons, Xu Zhijian and Xu Zijing. Despite his status as a prominent public figure and business titan, Xu Jiayin has generally maintained a private personal life, with details about his family and private affairs rarely disclosed to the media. He is known for his disciplined work ethic and a deep sense of loyalty to his hometown and his family, often citing his early experiences of poverty as a primary motivator for his ambition and business strategies. As is common for many influential business leaders in China, Xu Jiayin is a member of the Chinese Communist Party, an affiliation that likely provided him with political capital and facilitated his business operations within the complex Chinese economic and political landscape. In a dramatic turn of events, reports emerged in September 2023 indicating that Xu Jiayin had been placed under residential surveillance by Chinese authorities on suspicion of 'illegal crimes,' marking a profound and public downfall for one of China's most powerful entrepreneurs.

Legacy

Xu Jiayin's legacy is multifaceted and inextricably linked to China's extraordinary economic transformation and its subsequent challenges. He will be remembered as a quintessential self-made billionaire who masterfully capitalized on China's unprecedented property boom, providing housing for millions of people and constructing a vast, diversified business empire. His aggressive expansion model, characterized by high leverage and rapid development, while initially incredibly successful, ultimately precipitated the catastrophic Evergrande debt crisis. This crisis has become a stark symbol of the inherent dangers of excessive financial leverage and the systemic risks embedded within China's real estate sector. His personal story exemplifies both the incredible opportunities and the significant vulnerabilities present in China's market-driven growth model. Furthermore, his dramatic downfall, culminating in his detention, serves as a powerful cautionary tale regarding the shifting and often precarious landscape for private entrepreneurs in China, where political and economic risks can converge with devastating speed. While his contributions to Chinese football and his philanthropic activities form part of his broader legacy, these are largely overshadowed by the immense financial turmoil and widespread economic impact generated by the Evergrande crisis under his leadership. His career will undoubtedly be studied for decades as a critical case study in both entrepreneurial triumph and catastrophic corporate failure.