Well thats one way to plug the dyke that we don't really have here...force the guy to cover his bets... ;D ;D >
China urges Evergrande founder to pay debt with personal wealth ? sources
BEIJING (Oct 26): Chinese authorities have told billionaire Hui Ka Yan to use his personal wealth to alleviate China Evergrande Group's deepening debt crisis, according to people familiar with the matter.
Beijing's directive to the Evergrande founder came after his company missed an initial Sept 23 deadline for a coupon payment on a dollar bond, said the people, asking not to be identified discussing a private matter. Local governments across China are monitoring Evergrande's bank accounts to ensure company cash is used to complete unfinished housing projects and not diverted to pay creditors, the people said.
The demand that Hui tap his own fortune to pay Evergrande's debt adds to signs that Beijing is reluctant to orchestrate a government rescue, even as the property giant's crisis spreads to other developers and sours sentiment in the real estate market. Chinese President Xi Jinping has been cracking down on the billionaire class as part of his "common prosperity" campaign to reduce the country's yawning wealth gap.
It is unclear whether Hui's fortune is big and liquid enough to make a sizeable dent in Evergrande's liabilities, which swelled to more than US$300 billion as of June. The developer's dollar bonds are trading at deep discounts to par value as investors brace for what could be one of China's largest-ever debt restructurings.
https://maa.theedgemarkets.com/article/china-urges-evergrande-founder-pay-debt-personal-wealth-%E2%80%94-sources