Evergrande chairman’s second seized Hong Kong mansion put up for sale

By Thomson Reuters Feb 29, 2024 | 9:43 PM

HONG KONG (Reuters) – A second mansion in Hong Kong that once belonged to China Evergrande Group’s chairman has been put up for sale by its receivers, according to property agent Savills.

Evergrande, the world’s most indebted property developer which defaulted its offshore debt in late 2021, was liquidated by a Hong Kong court in January. The personal assets of chairman Hui Ka Yan are not expected to be included in the liquidation process.

Hui owned three mansions in the same residential development on the Peak in Hong Kong. One was put on the market by receivers a year ago, another was seized by Hui’s creditor late last year, local media outlet HK01 reported in November.

Savills said in a statement on Thursday that the tender for the latest mansion, valued at HK$500 million ($63.9 million) according to HK01, will close on April 22.

The mansion, with sweeping views of the city’s skyscrapers, is a three-storey single-family house equipped with a private garden and an internal elevator, with 4,933 square feet of saleable area.

It was pledged to Orix Asia Capital Ltd in November 2021 for undisclosed amounts, according to the Land Registry.

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

($1 = 7.8282 Hong Kong dollars)

(Reporting by Clare Jim; Editing by)