"Rescuing Evergrande creates moral hazard, increases the likelihood of more debt binges like Evergrande's, and perhaps most importantly, undercuts the President's efforts to promote common prosperity as a bailout would be seen – correctly – as a massive subsidy for the rich." Donald Low, director of the Institute for Emerging Market Studies at the Hong Kong University of Science and Technology. Such measures helped trigger a liquidity crisis for Hui in 2020. A failed backdoor listing for Evergrande's mainland unit left it on the hook for as much as $US20 billion in repayments to investors.