Evergrande chairman’s HK mansion fails to sell by targeted date

CHINA Evergrande Group Chairman Hui Ka Yan’s mansion in Hong Kong failed to find a buyer by the desired timeline, as bids fell short of the creditor’s targets.

The receiver of the luxury property on the Peak, valued at about HK$880 million (S$148.9 million), didn’t accept any offers submitted in the past few weeks, according to Centaline Property Agency, which is handling the sale. The house will remain on the market.

The agents previously said that a buyer would be selected by late March.

The house, on Black’s Link road in one of the city’s most upscale neighbourhoods, was seized by China Construction Bank (Asia) in November. The property was one of the few known assets in Hong Kong affiliated with Hui, who is the founder of China’s most indebted developer.

The house attracted interest from dozens of potential buyers, with a majority being local wealthy families and 30% mainland Chinese, Centaline and CBRE Group said in a statement in early March.

Chen Hongtian, chairman of Hong Kong-based investment firm Cheung Kei Group, recently had a US$271 million mansion, a luxury apartment and an office tower in Hong Kong seized by banks.

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Receivers are expected to market the properties soon. BLOOMBERG