Happy Hui still in favor

China Evergrande founder Hui Kayan is telling the world that the embattled developer is still in Beijing's good books by showing off a photo of himself attending Communist Party celebrations in Beijing.

Hui was invited to join the event in Tiananmen Square to celebrate the party's 100-year anniversary yesterday, says a statement and photo sent by the developer to Bloomberg.

An invitation to the July 1 festivities is considered a show of favor for corporate elites and provides relief for investors as China's second-biggest developer faces heightened scrutiny to pare its massive debt, running at about 570 billion yuan (HK$685 billion).

China's 22nd-richest man, Hui has been a party member for more than 35 years and is one of the country's top philanthropists.

Evergrande's bonds cheered the news while its shares are expected to rise in trading today.

Meituan chief executive, Wang Xing, was also at the celebrations, signaling his tech company may be back in favor following a controversy over a poem he posted.