untitled design

Evergrande chairman’s mansion confiscated by bank in Hong Kong

A mansion of China’s president Evergrande in Hong Kong has been confiscated by the China Construction Bank (CCB), according to an official document.

Evergrande declined to comment and President Hui Ka Yan could not be reached. The CCB did not respond to a request for comment.

With more than $300 billion in total liabilities, the delinquent Chinese real estate developer has already seen many of its assets confiscated by banks.

The luxury home is worth $700 million. This could be the first case of Hui’s personal property being seized in Hong Kong.

A document in the Hong Kong Land Registry confirmed in October 2021 that the property had been pledged on a CCB loan.

Hui owns two other luxury homes in the same development on The Peak, which were pledged to Orix Asia Capital in November 2021 for undisclosed amounts. The latest records show that the two properties have not yet been seized.

Source: CNN Brasil

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular