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China Evergrande Chairman’s $89m Hong Kong Mansion Seized

The Peak district home has been reportedly seized by the China Construction Bank (Asia) in connection with an overdue Evergrande bond


China Evergrande chairman Hui Ka Yan
Chairman Hui Ka Yan is said to own two more luxury homes in the same development in The Peak. Photo: Reuters

 

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.

 

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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

 

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Shenzhen State Firm to Help Finish Four Evergrande Projects

Hong Kong Court Sets Back Evergrande Wind-up Lawsuit

 

 

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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