A mansion belonging to embattled China Evergrande Group chairman Hui Ka Yan in Hong Kong’s prestigious The Peak residential enclave has been reportedly seized by lender China Construction Bank (Asia).
A local online news outlet – HK01 – made the claim on Thursday but did not say when the 5,000 sq/ft (465 sq/m) mansion, said to be valued at HK$700 million ($89 million), was taken over by the bank.
The mansion, with sweeping views of the city’s gleaming skyscrapers, had been pledged to raise about HK$300 million to repay an overdue Evergrande bond, HK01 reported last year.
Also on AF: Asia Shares Sink as Gloomy Fed Dashes Rate Easing Hopes
A filing with Hong Kong’s Land Registry confirmed in October of last year that the property had been pledged for a loan from CCB (Asia), although it gave no monetary figure.
Chairman Hui Ka Yan 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.
Evergrande declined to comment on the report and Hui could not immediately be reached. CCB (Asia) had no immediate comment.
- Reuters with additional editing by Sean O’Meara
Read more:
China Evergrande Gets Notice for $4.5bn from Shengjing Bank
Evergrande Delivers Its First Electric Vehicle to Customers
Shenzhen State Firm to Help Finish Four Evergrande Projects
Hong Kong Court Sets Back Evergrande Wind-up Lawsuit
