Evergrande Group Photo: CFP

Xu Jiayin, or Hui Ka Yan, founder of cash-strapped property giant China Evergrande Group, is reportedly to have raised funds by selling off personal assets and his holdings of equities, to pay back bond coupons and maintain basic operations of Evergrande, financial media cls.cn reported on Tuesday, citing sources close to Evergrande's capital circle.

It is said that since July 1 this year, Xu has raised more than 7 billion yuan ($1.1 billion) in cash through selling off his personal assets and equities, and he handed the proceeds to the group.

During the period, the heavily indebted Evergrande hasn't had any financing activities, due to the breakout of the company's debt crisis. 

Xu's 7 billion yuan injection to Evergrande has enabled monthly payment of salaries to company employees, payment of interests on bonds at home and abroad, and ensured resumption of some of its real estate projects across the country.

Xu also reportedly pledged a luxury house in Hong Kong, with an estimated value of HK$700 million ($90 million), to the local branch of the China Construction Bank as loan collateral, according to caixin.com on October 27.

Evergrande Group raised more than $50 million last month by selling two of its private jets, media reported. It was unknown whether the two jets were personal belongings of Xu, or the group.  

Global Times