Any pretence that Hui Ka Yan, once China's richest man, remains in control of events at China Evergrande Group ended this week as state representatives took the majority of seats on a new risk management committee established by the heavily indebted developer. 

In a statement issued on Monday night after shares in Evergrande fell to a record low in Hong Kong trading, Hui said the new committee would not report to the board "but will play an important role in mitigating and eliminating the future risks of the group". 

JMI Wealth director Andrew Kelleher joined Mike Hosking.

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