Meet Evergrande chief Xia Haijun, a ‘super employee’ and ‘best banker’
When Chinese property developer Evergrande unveils the earnings of its business units later this month, all eyes will be on the paycheck made to its “super employee,” chief executive Xia Haijun.
Xia’s salary topped out in 2017 when he made 298 million yuan after bringing in record profits for the conglomerate. The pay exceeded that of Canning Fok, Hong Kong’s best-known business executive and the right-hand man of tycoon Li Ka-shing.
Since the success of 2017, Xia’s remuneration has faced hurdles as the company’s debt-driven growth strategy came under heightened scrutiny by mainland authorities. Rumors of Evergrande’s imminent demise due to a liquidity crisis tested his ability to play the game against all odds, according to analysts.
“As a banker, he is just the best,” an industry insider said on condition of anonymity, referring to Xia’s move to salvage investor confidence in the debt-stricken developer.
Over the years, Xia has led the company to diversify into fields as varied as baby formula and electric vehicles. Many of the new projects were unsuccessful, but the share price of its publicly listed EV arm surged nearly nine times despite losing money, according to Apple Daily.
Trained as an economist, Xia has assisted Evergrande boss Xu Jiayin through multiple crises, including a failed attempt in 2008 to launch an initial public offering. From a much more humble annual pay of 4.96 million yuan, his salary once grew by some 30 times.
It is unclear if Xia, 56, will remain the most well-paid chief executive when he drops by his top-floor penthouse at the Pavilia Hill in North Point, a Hong Kong base for which he had paid HK$155 million, and the property that came into his possession after years of hard work.
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