Core Insights - The article discusses the rise and fall of Xia Haijun, a key figure in Evergrande Group, highlighting his strategic role during the company's expansion and subsequent financial crisis [1][3][4]. Group 1: Xia Haijun's Role in Evergrande's Growth - Xia Haijun joined Evergrande in 2007 as Vice Chairman and President, contributing significantly to the company's strategic planning and financial management [1][4]. - Under his leadership, Evergrande successfully went public in Hong Kong in November 2009, which marked a significant milestone for the company and its founder Xu Jiayin [6][10]. - The company experienced rapid expansion into various sectors, becoming the largest real estate company globally, driven by Xia's expertise [6][8]. Group 2: Financial Gains and Wealth Accumulation - Xia's income was closely tied to Evergrande's performance, with his annual earnings soaring from approximately 4.96 million RMB in 2008 to nearly 298 million RMB in 2018 [10][12]. - Over 13 years, Xia earned a total of 1.638 billion RMB from Evergrande, with over 1.4 billion RMB coming from salary alone [12]. Group 3: Crisis Management and Exit Strategy - As Evergrande faced a debt crisis starting in 2021, Xia's absence from key meetings raised suspicions about his involvement [14][16]. - Prior to the crisis, Xia executed a strategic sell-off of assets, including selling bonds and shares, totaling approximately 1.187 billion RMB, which was seen as a preemptive move to mitigate losses [19][23]. - Following the company's financial troubles, Xia was reported to have relocated overseas, with his whereabouts becoming a subject of investigation [25][28]. Group 4: Legal and Financial Investigations - After Evergrande entered liquidation, investigations revealed that Xia had significant assets hidden in the U.S., including properties and a trust fund managed by his wife [35][39]. - The Hong Kong High Court has initiated legal actions against Xia and others to recover potentially misappropriated assets, with a temporary injunction placed on his wife's assets amounting to 17 million RMB [43][45]. - Regulatory bodies in China have also indicated intentions to pursue legal actions against Xia, suggesting ongoing scrutiny of his financial dealings [49].