A mansion on the Peak in Hong Kong, previously owned by China Evergrande Group's chairman, sold for HKD 448 million (GBP 57.37 million), half of its 2023 valuation. The 5,000 square foot property was seized by China Construction Bank (Asia) from Chairman Hui Ka Yan in November 2022. The buyer, Sassicaia Company Ltd, remains unidentified. Initially valued at HKD 880 million, the mansion was first put up for sale in March last year. Two other mansions owned by Hui have also been seized, with one failing to sell despite an HKD 500 million valuation. Evergrande's liquidation process excludes Hui's personal assets.
A mansion in Hong Kong, previously owned by the chairman of the China Evergrande Group, was sold last month for HKD 448 million (GBP 57.37 million). This sale price is half the valuation it received in 2023, according to records from the Land Registry.
The 5,000 square foot (465 square metre) mansion, situated in a residential development on the Peak, was seized by China Construction Bank (Asia) from Evergrande Chairman Hui Ka Yan in November 2022 through the appointment of receivers, as per the Land Registry records.
The records indicate that the buyer is Sassicaia Company Ltd, though the ownership of this company remains unclear. Receivers initially put the property up for sale in March last year with a valuation of HKD 880 million, according to the sales agents at the time. Additionally, two other mansions owned by Hui on the Peak, offering sweeping views of the city's skyscrapers, have also been seized by creditors.
One of these mansions, valued at HKD 500 million, was offered for sale by tender earlier this year. However, it did not sell, according to a person with direct knowledge of the tender, who added that there is no current plan for a second round of tender. This person declined to be named as they were not authorised to speak to the media.
Evergrande, the world's most indebted property developer with more than $300 billion (GBP 237 billion) in total liabilities, defaulted on its offshore debt in late 2021. Subsequently, a Hong Kong court ordered the company to be liquidated. All of Evergrande's properties in Hong Kong have been seized or sold, although the personal assets of Hui are not included in the liquidation process.
Advertisement
Facebook
Whatsapp
