Luxury house linked to Evergrande billionaire put on sale in Hong Kong

By Shawna Kwan

Another Hong Kong mansion tied to China Evergrande Group’s founder Hui Ka Yan has been put up for sale.

The luxury property, 10E on Black’s Link in the prestigious Peak area, is looking for bidders before a tender ends on April 22, the appointed agency Savills Plc said in an emailed statement. The home is one of a pair of Black’s Link properties seized by a creditor last November.

The three-story house, spanning 4,933 square feet (458 square meters), has a private garden and an internal elevator.

The embattled Chinese property tycoon had three houses in the Black’s Link development that are now all under receivership. House 10B — the first to be taken by a creditor in 2022 — is still looking for a buyer.

Hong Kong’s luxury property market has been under pressure in recent years, hurt by high borrowing costs and weak demand. But brokers expect transactions to rebound following the government’s removal of property curbs this week.

“This significant reduction in stamp duty rates translates to potential savings” of tens of millions of Hong Kong dollars for super-luxury properties, said Raymond Lee, Greater China chief executive officer at Savills, said in the statement. “It is anticipated that this policy change will attract a larger number of domestic investors.”

The tender adds to the drama surrounding the Evergrande founder. This week, Hui’s ex-wife sued his son over $128 million of loan payments.