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
- China Evergrande Electric Car Share Price Falls 91% Since February 2021, Loses $82 Billion in Market Value
- China Crackdown: Tighter Control of Macau Casinos, Shares Lose $18 Billion in Market Value
- China Actress Zheng Shuang to Pay $46 Million for Tax Evasion
- China Distressed Asset Manager China Huarong with $15.9 Billion Losses to Receive State Bailout, Citic Group Becomes Key Shareholder
- China Sentenced Former Head of ICBC Shanghai to Lifetime Imprisonment for Receiving $21 Million in Bribes
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
