China | A pox on your houses

Amid turmoil in China’s property market, the public seethes

Anger is turning against the tycoons who profited from a house-building boom

Image: Qilai Shen/The New York Times/Redux
|SHANGHAI

Lampooning Hui Ka Yan has become something of a national pastime in China. Once one of the country’s richest men, the tycoon was detained in September for unspecified crimes. His company, Evergrande, the world’s most indebted property developer, is on the cusp of death; a debt-restructuring plan for it has collapsed. No sooner did news of Mr Hui’s detention spread than a flood of jokes at his expense surged through China’s social media, pillorying his extravagance and pomposity. The humour was bitter: tens of thousands of homebuyers feel cheated by his firm.

Explore more

This article appeared in the China section of the print edition under the headline “A pox on your houses”

From the October 14th 2023 edition

Discover stories from this section and more in the list of contents

Explore the edition

More from China

A traditional fortune teller waits for customers in his shop in Beijing, China

It’s a good time to be an astrologer in China

In the face of hardship, the country’s youth are embracing superstition

A container terminal in Qingdao, China

The early days of the Trump administration, as viewed from China

A good start, but it could get worse quickly


A man watches live coverage on a TV screen at his store of Chinese President Xi Jinping

How (un)popular is China’s Communist Party?

As the economy falters and the social compact frays, Xi Jinping wants to know


An outrage that even China’s supine media has called out

Anger is growing over a form of detention linked to torture and deaths

Why foreign law firms are leaving China

A number of them are in motion to vacate

An initiative so feared that China has stopped saying its name

“Made in China 2025” has been a success, but at what cost?