China Evergrande Hui Ka Yan
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China Evergrande Group $1.1 Billion Hong Kong HQ Tender Sale Fails to Meet Creditors Price Requirement, Group Debts of More than $300 Billion

5th January 2023 | Hong Kong

China Evergrande Group $1.1 billion Hong Kong headquarter tender sale has failed to meet creditors price requirement of around $1 billion to $1.15 billion (Address: 38 Gloucester Rd, Wan Chai, Hong Kong).  China Evergrande is one of China’s largest property developer and has more than $300 billion in debts.  In November 2022, China Construction Bank had seized China Evergrande Chairman Hui Ka Yan $90 million (HKD 700 million) luxury mansion in Hong Kong (The Peak), with Citic taking over China Evergrande Hong Kong headquarter in September 2022 and Oaktree Capital Management taking over China Evergrande Yuen Long district land earlier in 2022.  Earlier in October 2022, 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).

” China Evergrande Group $1.1 Billion Hong Kong HQ Tender Sale Fails to Meet Creditors Price Requirement, Group Debts of More than $300 Billion “

 



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China Construction Bank Seizes China Evergrande Chairman Hui Ka Yan $90 Million Luxury Mansion in Hong Kong, Citic Took HK Headquarters & Oaktree Capital Took Yuen Long Land 

China Evergrande Hui Ka Yan

3rd November 2022 |- China Construction Bank had seized China Evergrande Chairman Hui Ka Yan $90 million (HKD 700 million) luxury mansion in Hong Kong (The Peak), with Citic taking over China Evergrande Hong Kong headquarter in September 2022 and Oaktree Capital Management taking over China Evergrande Yuen Long district land earlier in 2022.  China Evergrande is one of China’s largest property developer and has more than $300 billion in debts.  Earlier in October 2022, 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).

In late 2021, China Evergrande founder Hui Ya Kun had been pledging and selling $1.1 billion of his personal & company assets including 2 Gulfstream private jets, 2 Hong Kong luxury properties and personal investment portfolio to prevent a default of interest payment of its $300 billion debt.  The 2 Gulfstream private jets were sold to American investors, one to Earth Air for $40 million and another one to Aviation Sales Associates for $15 million.   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.

 

 

Banks Seized $2.1 Billion of Bank Guarantees at China Evergrande Property Services

Shanghai Pudong City | Leading Financial Centre in Asia

Earlier in 2022, China Evergrande, 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.

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. 

 

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