Beijing (AFP)

From rural poverty to billions in real estate, Xu Jiayin's fortune has followed China's meteoric growth for most of the past two decades, but today he is fighting to save his conglomerate Evergrande from a quagmire of debts.

Also known as Hui Ka Yan in Cantonese, the 62-year-old was China's richest man, with a penchant for yachts and luxury brands and a good taste in praising the Party. Communist who led the economy towards a boom in home ownership.

But Evergrande could soon collapse under its hundreds of billions of dollars in debt, threatening to ricochet off the world's second-largest economy.

- "Getting out of the countryside" -

Xu Jiayin's rise mirrors that of China, which has grown from a largely rural and impoverished society to the gargantuan economy it is today.

The today's billionaire, whose mother died when he was just one year old, recalled in a speech in 2017 how he ate on sweet potatoes and steamed bread throughout throughout his schooling.

Evergrande offices in the Wan Chaï district, August 6, 2021 in Hong Kong ISAAC LAWRENCE AFP / Archives

“The sheets I put on, the quilts I covered and the clothes I wore were all patched up,” he said.

"At that time, my greatest wish was to get out of the countryside, find a job and be able to eat better."

When universities reopened, Xu Jiayin studied metallurgy before being assigned to a state steel plant.

In 1992 he left for Shenzhen, the heart of China's reform and opening-up experience of the 1990s, before founding Evergrande in 1996.

The 323 apartments in the company's first completed project sell for half a day and earn 80 million yuan.

Evergrande embarked on mass development, building apartments in high demand across China and capitalizing on the rapid accumulation of wealth.

The group raised 70.5 billion Hong Kong dollars (7.6 billion euros) when it went public in Hong Kong in 2009, becoming China's largest private real estate company and making Mr. Xu the most human rich continent.

- The richest on the continent -

In 2010, Mr. Xu bought the then struggling Guangzhou soccer team, renamed it Guangzhou Evergrande, and invested in world-class players and coaches.

The group also invests in electric vehicles, tourism and bottled water.

Evergrande offices in the Wan Chaï district, August 6, 2021 in Hong Kong ISAAC LAWRENCE AFP / Archives

According to the site SuperYachtFan, Xu owns a $ 60 million yacht.

It also has a private jet, which Australian media reported using to spot development opportunities in Sydney in 2014.

Xu became known for his love of luxury brands, earning the nickname "Belt Xu" after wearing a Hermès belt to the National Political Congress in 2012.

For some, this success was due to very useful close relations, in particular with the brother of the former Prime Minister Wen Jiabao.

But Mr. Xu attributes his success to education ... and the Communist Party.

"Without the retake of the national college entrance exam, I would still be in the countryside. Without a state scholarship of 14 yuan, I would not have been able to go to university. Without the reform and the opening up of the country, Evergrande would not be what it is today, ”he said.

But Xu Jiayin now faces the government crackdown on extreme wealth, with President Xi Jinping leading a campaign for "common prosperity."

In 2017, her wealth was estimated at $ 43 billion, according to the Bloomberg Billionaires Index, but she is now estimated at less than $ 9 billion, and has lost $ 14.5 billion since the start of the year with the collapse of Evergrande's value.

© 2021 AFP