Creditors confiscate 2 "super-huge" villas of Evergrande's chairman

Specifically, the two houses of Chairman Hui Ka-yin are located at The Peak, one of the super-rich neighborhoods in Hong Kong. These two villas are currently valued at more than 192 million USD (about 4,655 billion VND) and will be officially taken over by creditors in the next few days.

Last year, a house belonging to Evergrande’s chairman next to the two villas was also seized by China Construction Bank. Evergrande’s main assets in Hong Kong were also seized by creditors last year after the company defaulted due to liquidity problems.

Evergrande is now the world's most indebted company, with more than $300 billion in debt. The developer defaulted on its foreign debt in late 2021 and became a prime example of the crisis in China's real estate market.

Two villas worth more than 192 million USD in Hong Kong of Evergrande Group Chairman Hui Ka-yin have been seized by creditors (Photo: Forbes).

On October 30, the Hong Kong High Court announced that it had postponed the hearing with Evergrande to December 4. This hearing will be the deadline for them to decide on the liquidation of Evergrande's assets. The company will have to come up with a specific restructuring proposal before then, or face the risk of being liquidated.

Previously, according to Bloomberg sources, Evergrande Chairman Xu Jiayin is also under surveillance at his residence. The move by Chinese authorities suggests that Evergrande may be involved in a criminal investigation.

In addition, Hengda Real Estate, Evergrande's key subsidiary, is also under investigation, crippling Evergrande's ability to issue new bonds to foreign creditors.

Source: https://dantri.com.vn/bat-dong-san/chu-no-thu-2-biet-thu-sieu-khung-cua-chu-tich-evergrande-20231123193747410.htm