Chinese property giant Evergrande founder reportedly seeking to offload luxury real estate
Published: Jan 05, 2022 01:28 PM
Evergrande Group Photo: CFP

Evergrande Group Photo: CFP

Hui Ka Yan (Xu Jiayin), founder of the heavily indebted real estate developer China Evergrande Group, is reportedly seeking to offload properties in Guangzhou, South China's Guangdong Province, media outlet the Shanghai Observer reported on Wednesday, citing a real estate agency.

Media reports show that the property located on the 25th floor of Jinbi Huafu estate, a duplex mansion covering 753 square meters. With a market price of 110 million yuan ($17.2 million), it is now available for 80 million yuan. 

Potential buyers need to provide verification of having 50 million yuan of cash flow and one-time payment buyers will be given priority.

"Everyone knows about the situation of Hui Ka Yan and Evergrande. Some personal information is relatively private, so I did upload the photos, the property certificate and other information to the internet for everyone to see," the responsible real estate agent said.

According to public information, average price for Guangzhou Jinbi Huafu community is at 131,141 yuan per square meters. The estate was developed by Guangzhou Evergrande Real Estate Development in 2004.

Since the middle of 2021, Hui Ka Yan has been reportedly attempting to free up funds from luxury asset sales to meet the debt obligations of Evergrande.

It was reported that he had sold nine percent of his Evergrande's stock holdings, worth HK$2.68 billion ($344 million) to meet company obligations last November, which was later confirmed by Hong Kong Stock Exchange (HKEX) filings.

Evergrande has also filed an appeal on Tuesday afterparts of Evergrande's lavish seaside resort project in South China's Hainan Province was ordered to shut down by local authorities citing the company's unlawful means of obtaining a project certificate.

The tourism development unit under the debt-stricken China Evergrande Group was ordered to remove its mega resort project in Danzhou, Hainan Province, according to a penalty notice issued on December 30.

The project which involves 39 buildings of the Ocean Flower Island, an artificial archipelago in Danzhou, the world's largest of its kind was ordered to be demolished within 10 days.

Global Times