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Friday, Mar 24, 2023

Receivers of a luxury property on The Peak linked to Evergrande put it up for sale

Receivers of a luxury property on The Peak linked to Evergrande put it up for sale

Dozens of potential buyers have inquired about the house, of which over 60 per cent are local ultra-rich families and tycoons.
Receivers of a Hong Kong luxury property owned by a company linked to top China Evergrande executive have put the asset on The Peak up for sale in an attempt to recover unpaid bills.

Centaline Property Agency and CBRE have been appointed as sole co-agents to sell the ultra-luxury property on The Peak, they said in a joint statement on Thursday.

The mansion being put on the market is 10B, Black’s Link, which could be valued at over HK$800 million (US$101.9 million) given comparable properties on The Peak are valued at HK$140,000 to HK$150,000 per square foot, a source familiar with the sale process said.

It is owned by Better Vision, whose director is Tan Haijun, according to a companies search. Tan is also the director of Giant Hill, which owns 10C and 10E, Black’s Link, according to Land Registry data. Hui Ka-yan, Evergrande’s founder and chairman, resigned as a director of Giant Hill on July 30,2021. On the same day, Tan Haijun was appointed as Giant Hill’s director.

Dozens of potential buyers have inquired about the house, of which over 60 per cent are local ultra-rich families and tycoons, and around 30 per cent are from the mainland, the agents said.

A decision on the winning bidder is expected in the second half of March.

“Thanks to the Hong Kong-mainland border’s reopening and the ensuing economic recovery, prospects in the luxury property market are looking good,” said Reeves Yan, CBRE Hong Kong’s head of capital markets. “Expectation that US interest rates will be peaking around midyear also helps.”

Some 96 residential property transactions worth more than HK$50 million were recorded in the first two months of this year, of which 14 deals were mansions, according to Centaline.

Hui, whose wealth has shrunk from US$9.1 billion to US$3 billion as estimated by Forbes, has put some of his personal assets on sale to repay Evergrande’s debt. The company’s total liabilities are estimated at more than US$300 billion.

Three adjoining mansions of up to 5,400 square feet each at 10 Black’s Lane on The Peak in Hong Kong were remortgaged in late 2021 for HK$1.1 billion.

Hui’s business empire spans a diverse range of businesses including banking, bottled water, real estate, electric cars, wealth management and even a football club.

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