Home News Indebted Evergrande Founder Selling $227 Million London Home: Reports

Indebted Evergrande Founder Selling $227 Million London Home: Reports

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  • The $227 million mansion for sale in London is owned by Evergrande founder Hui Ka Yan, the FT reported.
  • The house was originally thought to belong to Chinese billionaire Zhang Chun-gui.
  • When Evergrande defaulted on $300 billion, Hui saw his net worth plummet as he sold assets.

The $227 million mansion in London, which went up for sale just two years after its last sale, is owned by the founder of struggling Chinese real estate empire Evergrande. The Financial Times reported.

The 45-room “private palace” overlooking Hyde Park has hit the market again after it was reportedly sold to Chinese billionaire Cheung Chung-kiu. Over £205m (approximately $227m) in 2020.

However, the FT said the 2-8a Rutland Gate property is actually owned by Hui Ka Yan, founder of Evergrande and one of China’s richest men, citing the issue. It quotes five people familiar with

According to the paper, Hui and Cheung are close business partners and Cheung CC Land has sold the project to China’s Evergrande.

The FT cited land registry documents showing that a British Virgin Islands company called Vision Perfect Global Ltd purchased property from Yunak Property Corp, registered in Curacao, in 2020.

Hui’s wife, Ding Yumei, was recorded as owning more than 75% of the affiliates in which the two CC Land executives were named as directors, the paper added.

Since July 2020, Hui’s net worth has dropped by 83%. According to the Bloomberg Billionaire Indexas Evergrande’s stock collapsed $300 billion in loan defaults at the company.

A tycoon worth $6 billion sell off company stock Not just what you own Including art and calligraphywhen the Chinese government pays the company’s debts Refused Evergrande’s rescue.

The London house, which was purchased in January 2020 when Mr Hui’s net worth was around $31 billion, is the latest property to be auctioned by the troubled billionaire, according to an FT study.

2-8a Facade of the Rutland Gate.

2-8a Facade of the Rutland Gate.

AFP via Leon Neal/Getty Images.

sauce told the Guardian “Middle Eastern royals and ultra-rich American investors” were among the seven prospective customers who toured the seven-story mansion since it quietly hit the market a few weeks ago.

The house was built in the 1830s as a home for four extended families before being converted into one large residence in the 1980s.

Last year Westminster City Council got permission Cheung plans to build an eight-story, 62,000-square-foot private palace at the mansion, which could be worth up to £500 million (about $554 million) when completed.

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