Evergrande Delusions & Chitty Chetrit Bang Bang

This week, we dive into 2 operatic stories of ruin on different continents. We begin with the tale of Hui Ka Yan, a Chinese property tycoon who went from being a steelworker to one of the world’s richest men, before his firm Evergrande collapsed and sank the country’s real estate market with it. Hui has just been sentenced to life in prison. Then, we beam into a New York law firm boardroom, where one of CRE’s preeminent girthy lads, Meyer Chetrit, has given an extraordinary deposition as creditors pursue the Chetrit Group over hundreds of millions of dollars in personal guarantees. And finally, Blackstone’s finding the secular tailwinds in the marina business are strong enough to set sail.Sponsors:1) This episode is supported by Bravo Capital, a leading HUD and bridge lender. Check out their new SNF market ranking here.2) This episode is supported by LoanBoss, the industry-leading debt management software. Featuring one-click covenant testing, instant cash flow forecasting, and our favorite nerdy delight: Live forward curves!Partner Content:"Inside the Capstack" with Gibson Dunn's Eric Meer. Meer breaks down an emerging trend of GPs setting captive title insurance joint ventures. Up your CRE game:  Consider becoming a premium subscriber to The Promote to unlock access to deep dives, bonus content and expert perspectives. Take 10% off annual subscriptions by using this link:For feedback: Write us at [email protected] And please rate us and write a review on Apple 🙏For brand partnerships: Reach out to [email protected]'s on vacay: We're taking a fortnight off. Our next episode will drop 9/16. Arrivederci!Further Reading/ListeningHeat on Chetrit The Big Bank Battle of ChetritstanChetrits - Checkmated or playing possum?The man from MoroccoEvergrande delisting marks end of era for China’s property sectorChinese authorities accuse Evergrande of inflating revenues by $80bnLimit-Up Hotel KamikazesMarineMax to Be Taken Private by Blackstone-Owned Safe Harbor for $1.5 BillionExotic Alts