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China Evergrande's ex-CEO sells Hong Kong home at almost half of purchase price


Real Estate

Evergrande ex-CEO sells Hong Kong home almost half price

As per a real estate agent, the former CEO of China Evergrande, who was declared "uncontactable" by Chinese regulators, lost HK$74 million ($9.48 million) on the sale of his Hong Kong home.

The seller, Xia Haijun, received HK$82 million for the sale of a five-bedroom duplex apartment measuring 2,834 net square feet (263 square meters) in the North Point Mid-Levels neighborhood of Hong Kong island.

According to Lam, the price was 49% less than the HK$160 million asking price when the property was listed in June of last year. Conversely, the acquisition price was only HK$4 million less than the asking price. Xia was not available for comment.

Xia purchased the apartment from New World Development in 2019, according to Land Registry records. He resigned from the troubled Chinese developer in 2022 after an internal investigation revealed he was involved in redirecting loans totaling $2 billion secured by unit Evergrande Property Services to the group. Xia has not responded to the investigation. The residence, which is located on the 32nd and 33rd floors and has views of Victoria Harbour, comes with three parking spaces, a 1,159 square foot terrace with a pool, and a 654 square foot balcony.

According to Reuters, Xia fled mainland China in 2021 and resided in Hong Kong during the time when the most indebted real estate developer in the world had financial difficulties. As the Evergrande situation worsened, according to two people with intimate knowledge of the situation who spoke with Reuters, Xia departed for Canada. According to China's securities watchdog, Xia is a citizen of Canada. In a document from last month, the China Securities Regulatory Commission (CSRC) described Xia's role as "particularly vile" in relation to Evergrande's onshore flagship unit's $577 million penalties for fraudulent bond issuance and improper information disclosure.

 


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