Core Viewpoint - The article discusses the rise and fall of Xia Haijun, the former president of Evergrande Group, highlighting his financial maneuvers, the company's aggressive expansion strategy, and the subsequent debt crisis that led to his disappearance and legal troubles [4][11][93]. Group 1: Xia Haijun's Background and Rise - Xia Haijun was born in 1964 in Harbin and had a humble background, but he excelled academically, earning multiple degrees [23][24]. - He began his career at CITIC Group, where he demonstrated exceptional management skills, eventually becoming a prominent figure in the real estate industry [25][26][27]. - In 2007, he joined Evergrande as the vice chairman and later became the president, leading the company through a period of rapid growth [30][31][32]. Group 2: Evergrande's Expansion and Financial Strategies - Under Xia's leadership, Evergrande adopted a high-leverage strategy known as "three highs and one low," focusing on aggressive expansion through debt [49][50]. - The company saw significant revenue growth, with sales reaching 373.3 billion yuan in 2016, making it a leading player in the real estate market [43][45]. - Xia was known for his ability to secure financing from various sources, including banks and shadow banking, which contributed to Evergrande's rapid expansion [58][59]. Group 3: The Onset of the Debt Crisis - By 2021, Evergrande faced severe financial difficulties, with total liabilities soaring to 1.97 trillion yuan, leading to a liquidity crisis [72][93]. - The company's financial troubles became public when it failed to pay interest on its bonds, marking the beginning of a significant debt crisis [93][94]. - Xia Haijun's absence during the crisis raised suspicions, as he had reportedly begun selling off his assets before the crisis fully unfolded [86][87][88]. Group 4: Legal Troubles and Asset Freezing - Following the financial collapse, Xia became a target for creditors and regulatory authorities, with investigations into his financial practices [10][100]. - In 2022, a significant amount of funds (134 billion yuan) was discovered missing from Evergrande's accounts, leading to further scrutiny of Xia's actions [98][104]. - Hong Kong courts have since frozen Xia's assets, with claims against him and other executives for the recovery of misappropriated funds [123][125].