In the beginning, Hui Ka Yan followed a simple formula. Borrow to buy land. Sell homes on the site before they are built. Use the cash to pay lenders and finance the following real estate project. Starting in the mid-1990s, this approach was enormously lucrative for two decades as Chinese home prices soared. It transformed Hui, a former steel industry employee from a rural village, into China’s richest man. It turned his company, China Evergrande Group(3333.HK), into a vast real-estate
