Xu Jiayin 许家印 (62) could go down in economic history as one of the biggest bankrupts before the end of the year. His real estate conglomerate Evergrande is threatened with insolvency(China.Table reported). Yet just a year ago, Xu was considered one of China’s most successful entrepreneurs. State media praised him as one of the country’s most generous benefactors. He was also known beyond business circles as a sponsor of Guangzhou FC. The soccer club was among the regular winners of the Chinese championship until 2019. Xu was considered a “model case for the Chinese dream”, a “showcase for the realization of the dream of wealth”.
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