China Evergrande Founder & Billionaire Hui Ka Yan Puts on Sale London Most Expensive House for £200 Million, Bought for £210 Million in 2020
13th October 2022 | Hong Kong
China Evergrande founder & billionaire Hui Ka Yan has put on sale London most expensive house for £200 million, having just bought the house 2 years ago in 2020 April for £210 Million. The £200 million house in London is a 20-bedroom 62,000 square feet mega-mansion in the prestigious Knightsbridge neighbourhood (London). Previous owners of the mansion are former Prime Minister of Lebanon (the late Rafic Hariri) and the late Crown Prince of Saudi Arabia (Sultan bin Abdulaziz Al Saud). China Evergrande founder & billionaire Hui Ka Yan was one of China’s richest man with personal fortune of more than $30 billion, but with a troubled property market in China, has seen his net worth falling to around $8 billion. Earlier in 2022, China Evergrande, one of the largest property group in China and facing restructuring of $300 billion of liabilities, had forced its CEO Xia Haijun and CFO Pan Darong to resign (22/7/22) after discovery of $2 billion of deposits (CNY 13.4 billion) pledged as securities were used to obtain bank loans. With some borrowers unable to pay back, the $2 billion of deposits may be in full default. Mr. Siu Shawn, who is currently an executive director, has been appointed as the CEO. See below for China Evergrande Findings.
“ China Evergrande Founder & Billionaire Hui Ka Yan Puts on Sale London Most Expensive House for £200 Million, Bought for £210 Million in 2020 “
Banks Seized $2.1 Billion of Bank Guarantees at China Evergrande Property Services
In March 2022, Banks had seized $2.1 billion of bank guarantees & deposits at Evergrande Property Services Group, a key subsidiary of China Evergrande. China Evergrande Group have also announced that it is unable to meet a deadline to release its annual results for financial year 2021. China Evergrande is one of the largest property conglomerate in China, which had been preventing a default of interest payment of its $300 billion debt, but has officially defaulted on its debt on missed interest payments and with top credit rating agency Fitch Ratings downgrading Evergrande’s rating in December 2021. China Evergrande is founded in 1996 by Hui Ka Yan (Xu Jiayin). In 2009, China Evergrande went public in Hong Kong. At one point, Hui Ka Yan had a personal fortune of more than $30 billion. In 2021, his personal fortune is estimated at around $7 billion to $11 billion.
China Evergrande
China Evergrande, one of the largest property conglomerate in China which had been preventing a default of interest payment of its $300 billion debt, has officially defaulted on its debt on missed interest payments and with top credit rating agency Fitch Ratings downgrading Evergrande’s rating in December 2021. An official default of China Evergrande means the company may not be able to restructure debt at a lower cost, and may trigger a widespread default and short-term pressure of property prices due to asset sale. China Evergrande is founded in 1996 by Hui Ka Yan (Xu Jiayin). In 2009, China Evergrande went public in Hong Kong. At one point, Hui Ka Yan had a personal fortune of more than $30 billion. In 2021, his personal fortune is estimated at around $7 billion to $11 billion.
China Evergrande is one of the largest property conglomerate in China with more than 1,300 real estate projects & 200,000 employees and business interests in electric cars, healthcare, consumer products etc, and has more than $300 billion of outstanding debts. China Evergrande is suffering from severe cashflow and little working capital, due to significant decline in property sales and obligations on interest payments.
Should China Evergrande defaults, the banking industry may start to face a loan write-down or lengthy recovery on their loans to China Evergrande, suppliers will receive an uncertain recovery, and homebuyers and investors will face uncertainties on their property purchase and investments.
Related:
- China Evergrande CEO Sold $56.5 Million of Bonds in Q3 2021 Before Bonds Default in December
- China Evergrande Founder Pledges $1.1 Billion Personal Assets to Prevent Default, Sells Private Jets & Luxury Properties
- China Central Bank Injects $71 Billion into Banking System, China Evergrande $300 Billion Debt Crisis
- China Government Warns of Payment Default by China Evergrande, Debts of $300 Billion
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