Chinese bank seizes Evergrande chair’s Hong Kong mansion
With more than $300bn in total liabilities, the Chinese property developer has had many of its assets seized by creditors
03 November 2022 - 10:13
byClare Jim
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China Evergrande Group had more than 163,000 employees on June 30 and indirectly supports the livelihoods of many more through its vendors. Picture: BLOOMBERG
Hong Kong — A mansion belonging to embattled China Evergrande Group’s chair in Hong Kong’s prestigious The Peak residential enclave has been seized by lender China Construction Bank (CCB) (Asia), local online news outlet HK01 reported on Thursday.
The report did not say when the 465m² mansion, which HK01 said was valued at HK$700m ($89m), was taken over by the bank.
Evergrande declined to comment on the report and chair Hui Ka Yan could not immediately be reached. CCB (Asia) had no immediate comment.
Saddled with more than $300bn in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.
This foreclosure could be the first known case of Hui’s personal assets in Hong Kong being seized, HK01 reported.
The mansion, with sweeping views of the city’s gleaming skyscrapers, had been pledged to raise about HK$300m to repay an overdue Evergrande bond, HK01 reported last year.
A filing with Hong Kong’s Land Registry confirmed in October 2021 that the property had been pledged for a loan from CCB (Asia), though it gave no monetary figure.
Hui 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’s main assets in Hong Kong — its headquarters and a vast plot of rural land — were seized by creditors this year.
Chinese state-owned China Citic Bank Corp Ltd, lender to the office tower, took over the asset in September, and put it on a tender sale last month, while US asset manager Oaktree Capital Management seized the land in Yuen Long district early this year.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Chinese bank seizes Evergrande chair’s Hong Kong mansion
With more than $300bn in total liabilities, the Chinese property developer has had many of its assets seized by creditors
Hong Kong — A mansion belonging to embattled China Evergrande Group’s chair in Hong Kong’s prestigious The Peak residential enclave has been seized by lender China Construction Bank (CCB) (Asia), local online news outlet HK01 reported on Thursday.
The report did not say when the 465m² mansion, which HK01 said was valued at HK$700m ($89m), was taken over by the bank.
Evergrande declined to comment on the report and chair Hui Ka Yan could not immediately be reached. CCB (Asia) had no immediate comment.
Saddled with more than $300bn in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.
This foreclosure could be the first known case of Hui’s personal assets in Hong Kong being seized, HK01 reported.
The mansion, with sweeping views of the city’s gleaming skyscrapers, had been pledged to raise about HK$300m to repay an overdue Evergrande bond, HK01 reported last year.
A filing with Hong Kong’s Land Registry confirmed in October 2021 that the property had been pledged for a loan from CCB (Asia), though it gave no monetary figure.
Hui 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’s main assets in Hong Kong — its headquarters and a vast plot of rural land — were seized by creditors this year.
Chinese state-owned China Citic Bank Corp Ltd, lender to the office tower, took over the asset in September, and put it on a tender sale last month, while US asset manager Oaktree Capital Management seized the land in Yuen Long district early this year.
Reuters
Chinese property developers delay debt restructuring until after Communist Party congress
Debt-laden Evergrande gets enforcement notice for $4.48bn
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