Named the richest man in China on Thursday with a net worth of $43 billion, property tycoon Xu Jiayin is likened by some media to Donald Trump, having built his fortune on a real estate business that has blossomed under a mountain of debt. The 59-year-old Xu’s China Evergrande Group has a market value of $47 billion, although its total debt stands at more than $100 billion, an issue that has prompted some wary investors to short the stock. Evergrande, China’s second-most indebted company, has now pledged to cut its net debt ratio to around 70 percent by June 2020 from 240 percent and has raised $3.8 billion in new ... (full story)