China’s third-wealthiest man is set to become US$2 billion richer, thanks to the record dividend payout at his property company
- Hui Ka-yan, chairman of China Evergrande Group, will pocket the money after the property developer and electric-car wannabe declared a record dividend for fiscal 2018
- The board proposed a 1.42 yuan per-share payout for the year ended December 31, according to a statement late Sunday
China’s third-richest man is set to get a US$2 billion cash windfall.
Hui Ka-yan, chairman of China Evergrande Group, will pocket the money after the property developer and electric-car wannabe declared a record dividend for fiscal 2018.
The board proposed a 1.42 yuan per-share payout for the year ended December 31, according to a statement late Sunday. That would total 18.7 billion yuan (US$2.7 billion), and with a 78 per cent stake in the company, Hui will get the lion’s share.
Evergrande shares rose 3.3 per cent in morning trading in Hong Kong, paring this year’s decline to 13 per cent.
The 61-year-old company founder didn’t take a salary last year, and was paid the equivalent of about US$34,000 in fees. However, he’s worth US$27.5 billion, according to the Bloomberg Billionaires Index.
Evergrande has poured billions of dollars into acquisitions as Hui pursues an ambition to make the company the world’s biggest maker of electric cars in the next three to five years.
The cash burning foray into electric-cars comes as Evergrande’s net debt-to-equity ratio hovers around 153 per cent, one of the highest among Chinese developers.