Second mansion of Evergrande chairman hits market amid liquidation
China Evergrande Group in Shenzhen
In the latest development surrounding China Evergrande Group's financial turmoil, a second mansion once owned by the company's chairman, Hui Ka Yan, has been listed for sale by receivers, as reported by property agent Savills.
Evergrande, renowned as the world's most indebted property developer, encountered a default on its offshore debt towards the end of 2021.
Subsequently, in January, a Hong Kong court ordered the liquidation of Evergrande, although it's noteworthy that the personal assets of Chairman Hui Ka Yan are anticipated to remain separate from the liquidation process.
The mansion in question is located within the prestigious residential enclave on the Peak in Hong Kong, an area synonymous with luxury living.
This particular property joins the ranks of two other mansions owned by Hui Ka Yan within the same development. One of these mansions was already put on the market by receivers a year prior, while the other was seized by Hui's creditor in late 2021.
The latter development was reported by local media outlet HK01 in November.
According to Savills, the latest mansion to hit the market is valued at $63.9 million, as per reports from HK01.
The property, spanning across three floors, offers breathtaking views of the city's iconic skyline. It boasts a spacious 4,933 square feet of saleable area, complete with a private garden and an internal elevator, epitomising the epitome of opulent living.
This particular mansion had been pledged to Orix Asia Capital Ltd back in November 2021, although the exact amount remains undisclosed as per the Land Registry records.
As the saga unfolds, it's evident that Evergrande's assets in Hong Kong have either been seized or liquidated following the company's default on its staggering debt towards the end of 2021.
In light of these events, the fate of Evergrande's assets, particularly those owned by Chairman Hui Ka Yan, remains under scrutiny.
As the process of liquidation unfolds, stakeholders and observers keenly watch the developments within one of the most significant corporate crises in recent memory.
(With inputs from Reuters)