A satellite image of Black’s Link in The Peak, Hong Kong, where two mansions linked to Evergrande founder Hui Ka Yan are located. Photo by Google
Two Hong Kong mansions tied to the founder of China Evergrande Group, Hui Ka Yan, have remained unsold for 11 months after being seized by creditors.
Located at 10 Black’s Link in the luxury area of The Peak, the houses are being offered at a combined HK$900 million (US$116 million), people familiar with the matter told Bloomberg.
They have plunged 40% in value since November last year.
The houses are linked to Hui via his associate Tan Haijun, who was listed as a director of the companies holding the houses.
Property developer Evergrande, a key part of China’s ongoing property crisis, is currently involved in one of the country’s largest liquidation cases.
In August, liquidators announced their efforts to reclaim $6 billion in dividends and payments from seven defendants, including Hui. He also faces other lawsuits related to defaults.
