A mansion of China Evergrande Group’s chairman in Hong Kong’s prestigious The Peak neighborhood has been seized.
The report didn’t say when the bank took over the 5,000-square-foot mansion, valued at almost $90 million.
Last year, the property was expected to bring in almost $40 million dollars to pay off an overdue Evergrande bond.
According to a filing with Hong Kong’s Land Registry, the property was used as collateral for a loan from China Construction Bank (Asia).
Last year, Evergrande chairman Xu Jiayin sold more than 7 billion yuan, or $1.1 billion) worth of his own assets to salvage his struggling company.
Xu has sold several houses in Hong Kong, Guangzhou, and Shenzhen, as well as some private jets.
Owing more than $300 billion in total debt, the failed Chinese property developer has seen many of its assets in mainland China and Hong Kong seized.
This year, Evergrande’s creditors took over its headquarters in Hong Kong and rural land in the countryside.
Chinese state-owned China Citic Bank Corp Ltd. took over the headquarters tower in September and put it up for bids last month. This year, US-based asset manager Oaktree Capital Management seized the land in the Yuen Long district.