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Seized Hong Kong Peak mansion linked to China Evergrande founder Hui Ka-yan sells at 40% discount for US$58 million
- The luxury property, 10B at Black’s Link on The Peak, sold to an unknown buyer, source says
- The mansion and two adjacent homes, also seized by creditors, are linked to China Evergrande founder Hui Ka-yan, once China’s richest person
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Receivers of a Hong Kong luxury property owned by a company linked to a top former executive of China’s most indebted developer, China Evergrande Group, have sold the asset on The Peak at a significant discount.
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The 5,171 sq ft mansion, 10B at Black’s Link, sold to an unknown buyer for HK$450 million (US$58 million), more than 40 per cent below a valuation of HK$800 million last year, according to a source familiar with the matter.
In March 2023, receivers put the asset up for sale to recover unpaid bills after the home was seized by China Construction Bank (Asia) in November 2022.
It is owned by Better Vision, whose director is Tan Haijun, according to a company registration search. Tan is also the director of Giant Hill, which owns adjacent mansions 10C and 10E Black’s Link, according to Land Registry data. Hui Ka-yan, Evergrande’s founder and former chairman, resigned as a director of Giant Hill on July 30, 2021. On the same day, Tan was appointed as Giant Hill’s director.
Hui, once China’s richest person, has seen his personal wealth dwindle since China Evergrande was enmeshed in a debt crisis triggered by Beijing’s “three red lines” policy, which curbed leverage in the property industry starting in August 2020.
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