China Evergrande chairman’s mansion in Hong Kong said to be seized by bank

 

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

 

 

A mansion belonging to embattled property developer China Evergrande Group’s chairman in Hong Kong’s prestigious The Peak residential enclave has been seized by lender China Construction Bank (Asia), local online news outlet HK01 reported on Thursday.

The 5,000 square-foot (465 square-metre) mansion is valued at HK$700 million ($89 million), per the report.

This foreclosure could be the first known case of Hui’s personal assets in Hong Kong being seized.

The mansion had been pledged to raise about HK$300 million to repay an overdue Evergrande bond, HK01 reported last year.