China Evergrande chairman’s seized Hong Kong mansion sold for HK$448 million
A MANSION in Hong Kong once owned by the chairman of developer China Evergrande Group was sold last month for HK$448 million (S$77.6 million), half the valuation it received in 2023, records from the Land Registry show.
The 465 sq m mansion located in a residential development on the Peak was seized by China Construction Bank (Asia) from Evergrande chairman Hui Ka Yan in November 2022, via the appointment of receivers, according to the Land Registry records.
Records show the buyer is Sassicaia Company, but it is unclear who owns this company.
Receivers first put the property up for sale in March last year at a valuation of HK$880 million, the sales agents said at the time.
Two other mansions owned by Hui on the Peak, with sweeping views of the city’s skyscrapers, have also been seized by creditors.
One of them, valued at HK$500 million, was put up for sale by tender earlier this year but it did not sell, a person with direct knowledge of the tender said, adding there was no plan yet for a second round tender. The person declined to be named.
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Evergrande, the world’s most indebted property developer with more than US$300 billion of total liabilities, defaulted on its offshore debt in late 2021 and a Hong Kong court earlier this year ordered the company to be liquidated.
All of Evergrande’s properties in Hong Kong have been seized or sold, while the personal assets of Hui are not included in the liquidation process.
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