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Evergrande’s Struggles Offer a Glimpse of China’s New Financial Future



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HONG KONG — Xu Jiayin was China’s richest man, a symbol of the country’s economic rise who helped transform poverty-stricken villages into urbanized metropolises for the fledgling middle class. As his company, China Evergrande Group, became one of the country’s largest property developers, he amassed the trappings of the elite, with trips to Paris to taste rare French wines, a million-dollar yacht, private jets and access to some of the most powerful people in Beijing.“All I have and all that Evergrande Group has achieved were endowed by the party, the state and the whole society,” Mr. Xu …

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