Evergrande chief is freeing up funds from luxury assets to pay debts
November 18, 2021 - China
Chinese developer China Evergrande Group scrambles to meet its debt obligations, its founder, Hui Ka Yan, is raising funds from luxury assets including art, calligraphy and two high-end homes and had to sell his Porsche Cayenne to pay debts.
Evergrande owed more than 18 million yuan and troubles in meeting bond repayments have rattled markets and left many of its investors, creditors and suppliers in financial chaos.
Chinese authorities have told Evergrande chairman to use some of his personal wealth to pay debts.
According to a filing with Hong Kong's Land Registry, Hui pledged one of his Hong Kong mansions of around 5,000 square feet in The Peak, Hong Kong's most prestigous residential enclave, for a loan from China Construction Bank in October.
Source via BusinessTimes.com