• Hui Ka Yan is being monitored at a designated location: people
  许家印在指定地点接受监控：人
• Adds to questions over company’s fate as restructuring falters
  重组失败，公司命运更加扑朔迷离

China Puts Evergrande’s Billionaire Founder Under Police Control 中国将恒大亿万富翁创始人置于警方控制之下

By Bloomberg News 2023年9月27日

Hui Ka Yan, the billionaire chairman of beleaguered property developer China Evergrande Group, has been placed under police control, according to people with knowledge of the matter.
据知情人士透露，陷入困境的房地产开发商中国恒大集团的亿万富豪主席许家印已被警方控制。

Hui was taken away by Chinese police earlier this month and is being monitored at a designated location, the people said, asking not to be identified because the matter is private.
本月初，Hui 被中国警方带走，目前在指定地点接受监控。

It’s not clear why Hui is under so-called residential surveillance, a type of police action that falls short of formal detention or arrest and doesn’t mean Hui will be charged with a crime. Still, the measure means he is unable to leave the location, meet or communicate with others without approval, based on China’s Criminal Procedure Law. Passports and identification cards must be handed to police but the process shouldn’t exceed six months, according to the law.
目前尚不清楚许家印为什么会被监视居住，这种警方行动并不是正式的拘留或逮捕，也不意味着许家印会被指控犯罪。不过，根据中国《刑事诉讼法》，这一措施意味着未经批准，他不能离开该地点，也不能与他人会面或交流。护照和身份证必须交给警方，但根据法律规定，这一过程不应超过六个月。

Hui Ka YanPhotographer: Paul Yeung/Bloomberg

The move is the latest sign that the saga at the world’s most indebted developer has entered a new phase involving the criminal justice system, after authorities earlier this month detained some staff at its wealth management unit and two former executives were also reportedly held. It adds to questions over the fate of Evergrande after setbacks to its restructuring plan in recent days roiled financial markets and raised the risk of a liquidation.
本月早些时候，当局拘留了恒大财富管理部门的部分员工，据报道还有两名前高管被拘留，此举是最新迹象，表明这家全球负债最多的开发商的风波已进入涉及刑事司法系统的新阶段。最近几天，恒大重组计划受挫，金融市场动荡不安，清盘风险上升，这加剧了人们对恒大命运的质疑。

“It is too early to say Evergrande will end up in liquidation, but such risk is clearly rising,” said Gary Ng, senior economist at Natixis Asia. “For the government, it shows no single developer is too big to fail in China.”
"Natixis Asia 高级经济学家 Gary Ng 表示："现在就说恒大最终会清盘还为时过早，但这种风险显然在上升。"对政府而言，这表明在中国，没有哪家开发商是大到不能倒的。

For Hui, who controlled one of the world’s biggest fortunes when Evergrande’s shares peaked in 2017, the development is another blow in a remarkable fall from grace. Once considered among the most politically connected businessmen in China with ambitions ranging from electric cars to soccer, the tycoon has now become the most high-profile casualty of President Xi Jinping’s crackdown on excessive leverage and speculation in the real estate sector.
2017年恒大股价达到顶峰时，许家印控制着世界上最大的财富之一，对于许家印来说，这一事态发展是他从辉煌跌落过程中的又一次打击。这位曾经被认为是中国最具政治背景的商人，其野心涵盖电动汽车和足球等领域，如今却成为习近平主席打击房地产行业过度杠杆和投机行为的最引人注目的牺牲品。

Guangdong police and Evergrande didn’t respond to requests for comment.
广东警方和恒大没有回应置评请求。

Evergrande sits at the center of a years-long property crisis that has hurt the Chinese economy and hammered confidence in the housing market. On Friday, the developer said it scrapped key creditor meetings and has to revisit its plan to restructure its offshore debt. Since then, it has disclosed it was unable to meet regulatory qualifications to issue new bonds — a key component of the debt overhaul — while its mainland unit failed to repay an onshore note.
恒大是长达数年的房地产危机的中心，这场危机伤害了中国经济，打击了人们对房地产市场的信心。周五，该开发商表示，它取消了重要的债权人会议，必须重新考虑其海外债务重组计划。此后，该公司又披露无法满足发行新债券--债务重组的关键组成部分--的监管资格，同时其内地部门未能偿还一笔在岸票据。

The company faces an Oct. 30 hearing at a Hong Kong court on a winding-up petition, which could potentially force it into liquidation.
该公司将于 10 月 30 日在香港法院就清盘申请举行听证会，这有可能迫使该公司进行清算。

“It is still possible for Evergrande to have a new restructuring plan should it fulfill the regulatory requirement, but the process can be longer than before and it is uncertain whether creditors would accept the likely worse terms,” Ng said.
"如果恒大满足监管要求，仍有可能制定新的重组计划，但过程可能比以前更长，而且债权人是否会接受可能更差的条件也不确定，"Ng 说。

A Bloomberg Intelligence gauge of Chinese developer stocks dropped 3.5% to the lowest level since 2011. Homebuyer sentiment remains fragile ahead of a key holiday sales period that will test the effectiveness of stimulus measures rolled out in recent weeks.
彭博社发布的中国开发商股票指数下跌 3.5%，创 2011 年以来最低水平。在关键的假日销售期到来之前，购房者情绪依然脆弱，这将考验最近几周推出的刺激措施的效果。

The son of a wood cutter who grew up in poverty, Hui built Evergrande into China’s largest developer by using leverage to buy massive tracts of land and scoop up rivals, before branching out into industries ranging from bottled water to professional soccer and electric vehicles.
许家印是一个伐木工人的儿子，从小家境贫寒，他利用杠杆作用购买大量土地，挖走竞争对手，将恒大打造成为中国最大的开发商，之后又涉足瓶装水、职业足球和电动汽车等行业。

He was once Asia’s second-richest person, only to see his net worth slump as his property empire crumbled. Hui is now worth about $1.8 billion from $42 billion in 2017, according to the Bloomberg Billionaires Index. Evergrande has 2.39 trillion yuan ($327 billion) in liabilities.
他曾是亚洲第二富豪，但随着其地产帝国的崩溃，他的净资产也随之下滑。根据彭博亿万富豪指数（Bloomberg Billionaires Index），许家印的身价从2017年的420亿美元跌至目前的约18亿美元。恒大负债2.39万亿元（3270亿美元）。

The 64-year-old has been a Communist Party member for more than three decades. In 2008, he was elected to join the Chinese People’s Political Consultative Conference, an elite group comprising government officials and the biggest names in business. He later secured two other five-year terms.
现年 64 岁的他加入共产党已有三十多年。2008 年，他当选为中国人民政治协商会议委员，这是一个由政府官员和商界巨头组成的精英团体。后来，他又获得了另外两个五年任期。

Things took a turn for the worse in 2021, when Evergrande officially became a defaulter and authorities from its home province of Guangdong led what is poised to be one of the nation’s biggest debt restructurings.
2021 年，情况急转直下，恒大正式成为拖欠债务方，其所在的广东省政府牵头进行了全国最大的债务重组之一。

Hui had been part of the CPPCC’s elite 300-member standing committee since 2013, but he was told not to attend the annual convention in March last year as his property group became the biggest casualty of the nation’s credit crunch.
自 2013 年以来，许家印一直是全国政协 300 名精英常委中的一员，但去年 3 月，他被告知不能参加年度大会，因为他所在的房地产集团成为全国信贷紧缩的最大受害者。

China’s central bank has blamed Evergrande’s demise on its “own poor management” and “reckless expansion,” and the government has urged Hui to use his fortune to help repay investors.
中国央行将恒大的倒闭归咎于其 "自身管理不善 "和 "不计后果的扩张"，政府也敦促许家印利用自己的财富帮助偿还投资者。