Evergrande boss loses homes worth $190m as company fights liquidation

The homes were located in the upmarket Victoria Peak area, which offers views over Hong Kong (Deror_avi/CC BY-SA 3.0 Deed)
Two luxury homes in Hong Kong owned by Xu Jiayin, the chairman of beleaguered Chinese property developer Evergrande, have been seized by a creditor.

Located in the upmarket Peak district, they will be taken over by an unidentified creditor in the next few days, reports local news website HK01, adding that together they’re worth US$192m.

HK01 said they had been pledged to Orix Asia Capital in November 2021 for undisclosed amounts, citing the Hong Kong Land Registry.

One of them is presently occupied by Ding Yumei, Xu’s former wife.

Xu is currently fighting a winding-up petition. He has until 4 December to put forward a proposal and avoid liquidation.

The group’s Hong Kong headquarters and a plot of rural land on the island were seized by creditors last year, after the company defaulted on its debts.

Another of Xu’s homes on the Peak was taken over by China Construction Bank in November last year. That had been valued at $28m.

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