China Evergrande chairman’s Hong Kong mansion seized by financial institution

A mansion belonging to embattled China Evergrande Group’s chairman in Hong Kong’s prestigious The Peak residential enclave has been seized by lender China Development Financial institution (Asia), data from the Land Registry present.

The financial institution appointed receivers to take over the 5,000 sq ft (465 sq m) mansion on Nov. 1, in accordance with a submitting.

Evergrande declined remark and chairman Hui Ka Yan couldn’t be reached. CCB (Asia) didn’t reply to a request for remark.

Saddled with greater than $300 billion in whole liabilities, the defaulted Chinese language property developer has already seen a lot of its belongings, each in mainland China and Hong Kong, seized by collectors.

On-line information outlet HK01 first reported the foreclosures of the posh home on Thursday, which it stated was now price HK$700 million ($89 million). The report added it may very well be the primary recognized case of Hui’s private belongings in Hong Kong being seized.

The mansion, with sweeping views of the town’s gleaming skyscrapers, had been pledged to lift about HK$300 million to repay an overdue Evergrande bond, HK01 reported final yr.

A submitting with Hong Kong’s Land Registry confirmed in October 2021 that the property had been pledged for a mortgage from CCB (Asia), though it gave no financial determine.

Hui owns two different luxurious properties in the identical improvement in The Peak, which have been pledged to Orix Asia Capital Ltd in November 2021 for undisclosed quantities, in accordance with the Land Registry.

The most recent data present the 2 properties haven’t but been seized.

Evergrande’s primary belongings in Hong Kong – its headquarters and an enormous plot of rural land – have been seized by collectors this yr.

Chinese language state-owned China Citic Financial institution Corp Ltd, lender to the workplace tower, took over the asset in September, and put it on a young sale final month, whereas U.S. asset supervisor Oaktree Capital Administration seized the land in Yuen Lengthy district early this yr.

($1 = 7.8498 Hong Kong {dollars})