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HomeMarketEvergrande chairman's Hong Kong mansion seized by bank

Evergrande chairman’s Hong Kong mansion seized by bank

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© Reuters. FILE PHOTO: China Evergrande Group Chairman Hui Ka Yan attends a news conference on the property developer’s annual results in Hong Kong, China March 28, 2017. REUTERS/Bobby Yip

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HONG KONG (Reuters) – A mansion belonging to embattled China Evergrande Group’s chairman in Hong Kong’s prestigious The Peak residential enclave has been seized by lender China Construction Bank (OTC:) (Asia), local online news outlet HK01 reported on Thursday.

The report did not say when the 5,000 square-foot (465 square-metre) mansion, which HK01 said was valued at HK$700 million ($89 million), was taken over by the bank.

Evergrande declined to comment on the report and Hui could not immediately be reached. CCB (Asia) had no immediate comment.

The mansion, with sweeping views of the city’s gleaming skyscrapers, had been pledged to raise about HK$300 million to repay an overdue Evergrande bond, HK01 reported last year.

A filing with Hong Kong’s Land Registry confirmed in October of last year that the property had been pledged for a loan from CCB (Asia), although it gave no monetary figure.

Chairman Hui Ka Yan owns two other luxury homes in the same development in The Peak, which were pledged to Orix (NYSE:) Asia Capital Ltd in November 2021 for undisclosed amounts, according to the Land Registry.

($1 = 7.8498 Hong Kong dollars)

Story Credit: investing.com

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