The founder of China Evergrande Group has raised about £815m by selling his personal assets, including a villa in Hong Kong and private jets, in an attempt to keep the hugely indebted property company afloat.
Beijing had demanded that Xu Jiayin use his own wealth to pay off some of the company’s debt.
Evergrande, which bet on a bullish property market and expanded aggressively, has more than $300bn of debt.
