Evergrande Founder's Luxury Mansions Seized Amid Debt Crisis

Hui Ka Yan faces further losses as Evergrande struggles to stave off liquidation with a December 4 deadline for a new restructuring proposal.

Two luxury mansions in Hong Kong's prestigious The Peak neighborhood, linked to Hui Ka Yan, the founder and chairman of Evergrande, have been seized by a creditor.
The properties, valued at $192 million, were pledged to Orix Asia Capital for an undisclosed loan in late 2021.
This is not the first time Hui has lost a luxury home. In November last year, China Construction Bank seized another mansion he owned.
Evergrande, once China's second-largest property developer, has been mired in a debt crisis since 2021 and is facing a winding-up petition in Hong Kong.
The company has until December 4 to come up with a new restructuring proposal to stave off liquidation.