Evergrande Chairman's Personal Home Seized To Pay Company Debts?


 'Don't be angry, you'll have to sell it later.'

A mansion belonging to China Evergrande Chairman Hui Ka Yan has been seized by creditors as part of the company's debt settlement.

Citing sources from Chinese media, HK01, a 465-square-meter mansion with an estimated value of around HK$700 million or $98 million located in The Peak Hong Kong has been seized by creditors, CCB (Asia).

It is understood the house has been mortgaged to generate around HK$300 million as part of Evergrande's outstanding bond settlement.

It was the first personal asset owned by Hui in Hong Kong to be seized for the company's needs.

According to the Hong Kong Land Registry filing, the mansion was mortgaged to CCB (Asia) in October 2021 but no financial figures were disclosed.

For now, Evergrande or Hui nor CCB (Asia) have given any further comments on the matter.

In general, Evergrande is surrounded by a lot of on-shore and off-shore debt problems that trigger default status and force the intervention of the Chinese government.

Previously, some of the company's assets in Hong Kong were sold or seized to settle outstanding debt payments with China Citi Bank Corp taking Evergrande's main office building.