Chinese authorities have asked Evergrande’s founder to dip into his own pocket to help pay off the company’s $300 billion debts, according to Bloomberg.

The directive was delivered after the real estate giant missed an initial Sept. 23 deadline to pay an $84 million coupon on a dollar bond, Bloomberg added. Evergrande later paid the coupon during the note’s 30-day grace period.

Hui Ka Yan’s fortune alone is insufficient to rescue the debt-laden property developer. Hui’s net worth at the moment is only around $7.6 billion, according to the Bloomberg Billionaire Index, which is too modest compared to Evergrande’s $300 billion debt pile as of June this year.

It’s still questionable if Hui’s personal fund is liquid enough for the mission. His wealth is largely derived from his shares in Evergrande and their cash dividends.

Forbes’ estimates of Hui Ka Yan’s wealth history (Screenshot of

The crackdown on China’s indebted real estate sector that caused Evergrande’s cash crisis has also hit several other builders, with Sinic and Fantasia among those failing to make debt payments, said RFI.

On Wednesday, FitchRatings downgraded another, Modern Land, as it failed to make a $250 million payment this week.

On a global scale, Evergrande’s debt catastrophes have triggered disturbances in the markets as investors fear contagion across the world economy. The company has an interest payment worth $45 million due this Friday.

But local governments in China are carefully watching Evergrande’s bank accounts to ensure the company’s funds are used to complete housing projects under construction, rather than being used to pay creditors, Bloomberg added.

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