The founder of Evergrande has used $1.1 billion of his own money to pay down company debt, pledging mansions and selling art to raise funds

According to China Business News, the founder and chairman of China Evergrande has already used about 7 billion Chinese yuan of his own money to keep the company going.

According to an unnamed source, it's just Hui personally raising money for Evergrande.

The world's most indebted developer is the real-estate giant. It was able to pay off several coupons just in time, averting a default that could have sent the rest of the sector into crisis.

Chinese authorities have told Hui to use his own money to pay off the debt.

From July 1 to July 31, the CBN says, Hui has raised over $1 billion from selling personal assets. Basic operations have been carried out with the money injected into Evergrande. The company has to pay bond interest, staff salaries, and keep building projects going even though they are not conducting any corporate fundraising.

The outlet did not specify which personal assets the billionaire sold, but reports of the billionaire pledging and disposing assets have been rife.

The company sold two of its private jets for more than $50 million last month. It has been losing money on the fire sales of its corporate assets.

Evergrande is selling its entire stake in the film and streaming television company for HK$2.13 billion at a loss of HK$8.6 billion. Dutch electric motor maker e-Traction was sold by Evergrande for 2 million euros, or about $2 million, a 97 percent discount on its purchase price.

The 60-meter yacht called "Event" is estimated to be worth $60 million, and a private jet, according to Chinese media reports.

The effort could still count since Evergrande owes $300 billion, but it wouldn't make much of a difference.

The director of the Asia Global Institute think tank said that he needed to show that he was using his personal assets to pay off his debts. He needs to show good will in order to avoid more serious consequences.

Evergrande did not reply to Insider's request for comment.