London’s most expensive mansion is on sale again

THE Knightsbridge mansion overlooking Hyde Park is being offered for sale through Beauchamp Estates, according to a person with knowledge of the sales process. The ultimate owner of the property is the family of Hui Ka Yan, chairman of embattled real estate giant China Evergrande Group, the person said, asking not to be identified as the process is private. 

The planned sale comes less than three years after the property was last sold. A British Virgin Islands-based company called Vision Perfect Global Limited bought the 45-bedroom property in April 2020 for £210 million (S$334 million), Land Registry filings show. 

A spokesperson for Beauchamp Estates declined to comment. A representative for Evergrande declined to comment. The Financial Times earlier reported that Hui Ka Yan had bought the property in a deal fronted by fellow Chinese billionaire Cheung Chung Kiu, the founder of property company CC Land Holdings. 

Hui, once one of China’s richest men, has seen been selling assets after a collapse in the real estate market pushed Evergrande and other developers into default. His net worth has slipped to about US$6 billion, from US$30 billion at the end of 2019. BLOOMBERG