China Evergrande chairman's $112m Hong Kong mansion put up for sale

China Evergrande chairman's $112m Hong Kong mansion put up for sale

FILE PHOTO: An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip/File Photo/File Photo

A $112-million mansion in Hong Kong that belonged to China Evergrande Group’s chairman has been put up for sale by its receivers, property agents said on Thursday.

The mansion, located in the prestigious The Peak residential district, could be the first known case of chairman Hui Ka Yan’s personal assets in Hong Kong being seized.

Other assets of Evergrande in Hong Kong have all either been seized or sold, after the world’s most indebted property developer defaulted its debt in late 2021.

A buyer is expected to be confirmed in the second half of this month, joint agents of the sale Centaline and CBRE said, adding that dozens of potential buyers have enquired about the mansion.

The 5,000 sq ft (465 sq m) mansion, with sweeping views of the city’s skyscrapers, was seized by China Construction Bank (Asia) on Nov.1 via the appointment of receivers, records from the Hong Kong Land Registry show.

It had been pledged to raise about HK$300 million to repay an overdue Evergrande bond, local media HK01 reported in 2021.

The two sales agents said the mansion is valued at HK$880 million ($112.1 million) and among the potential buyers who have made enquiries more than 60% were the super-rich from Hong Kong, while around 30% were mainland Chinese clients.

Evergrande declined to comment about the sale of mansion. Chairman Hui Ka Yan and CCB (Asia) could not be reached for comment.

Hui owns two other luxury homes in the same development in The Peak, which were pledged to Orix Asia Capital Ltd in November 2021 for undisclosed amounts, according to the Land Registry.

China Evergrande, saddled with more than $300 billion in liabilities, is aiming to unveil some debt restructuring terms before the next winding-up court hearing on March 20 in order to seek another adjournment, Reuters reported on Thursday.


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