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Evergrande Chairman’s Luxury Houses on The Peak Seized by Creditor

A pair of luxury houses on The Peak connected to China Evergrande Group chairman Hui Ka-yan has been seized by a creditor, marking the latest setback for the fallen property tycoon. The creditor, Orix Asia Capital, appointed receivers for the adjacent homes, which are valued at more than HK$1.5 billion.

The Properties and Their Connection to Hui Ka-yan

The properties, 10C and 10E on Black’s Link, are related to Hui via his associate Tan Haijun, who is listed as a director of the companies holding the houses. The owner of the two mansions pledged the assets to Orix Asia for an HK$821 million mortgage loan in 2021, with two offshore companies providing guarantees. One of the guaranteeing companies has a connection with Ding Yumei, the “former spouse” of Hui.

Receivers Appointed and Property Valuations

Cosimo Borrelli and Tang Tak Yeung have been appointed as the receivers for one of the houses. The larger 10E mansion is estimated to be worth around HK$700 to HK$800 million and was previously rented out for HK$600,000 per month. Another house on Black’s Link was taken by a bank last year, and the creditor has been marketing the property for HK$880 million but is struggling to find a buyer.

Evergrande’s Debt Crisis and Restructuring Proposal

Hui has seen his wealth evaporate and his freedom curtailed as creditors look to salvage what is left of his property empire. Evergrande, the world’s most indebted developer, is at the center of a credit crisis that has rippled through China’s real estate sector and slowed its economy. Evergrande has until December 4 to come up with a new restructuring proposal. That is when the next hearing on a winding-up petition is scheduled, and the judge said not having a plan would “very likely” result in an asset-liquidation order.


The seizure of the luxury houses on The Peak connected to China Evergrande Group chairman Hui Ka-yan is a significant development in the ongoing debt crisis surrounding the world’s most indebted developer. With a restructuring proposal deadline looming, the fate of Hui’s property empire hangs in the balance as creditors look to recover what they can from the beleaguered company.

Orginal article: Link To Article – provided by Kansas City Realtors