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Sun Hongbin - from prison inmate to white knight

Now one of China's richest business execs, Sunaco CEO is also rescuing Kaisa Group

Hong Kong

TWO decades ago, Sun Hongbin was in prison and fighting to overturn a conviction on charges he'd embezzled company funds. Today, the chairman and CEO of Sunac China Holdings Ltd, the Tianjin-based property developer he founded in 2003, is one of the country's wealthiest business executives. He's also rescuing cash-strapped Kaisa Group Holdings Ltd, which was at risk of becoming the first Chinese real estate company to default on its dollar-denominated bonds.

In recent months, Kaisa's financial squeeze has been followed closely by global bond investors. Chinese companies raised US$244 billion in US currency note sales last year and according to recent filings, Kaisa's creditors have included...

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