Evergrande founder Hui Ka Yan is allegedly looking to sell off a massive English mansion for $224 million (£200 million).
The megamansion, 2–8a Rutland Gate, is situated in London’s prestigious Knightsbridge neighborhood. It sits on 62,000 square feet of land and hosts 45 rooms, including 20 bedrooms, elevators, a swimming pool, a health spa, a gym, and underground parking.
The last time it changed owners was in April 2020, and the transaction was over $235.4 million (£210 million). A source told Bloomberg that the actual property owner is Hui Ka Yan, also known as Xu Jiayin in the mainland, founder of China’s cash-strapped developer Evergrande.
Publicly the Knightsbridge property belongs to Chinese real estate mogul Cheung Chung-kiu, or Zhang Songqiao , a close fellow of Hui. The Financial Times reported that Hui Ka Yan acquired the mansion via a deal backed by Cheung, with one Hong Kong executive saying, “everyone [in those circles] knows Evergrande is behind it.”
According to London World, at least five potential purchasers have visited the seven-story building. Words have it that Middle Eastern royal families and American investors are among those interested.
The megamansion was initially built in the 1830s as four townhouses. They were later combined in the 1980s. London real estate company Beauchamp Estates is managing its off-market sale.
Hui has been selling his assets since his real estate empire was saddled with enormous debts, and Beijing declined to bail it out. As a result, Evergrande is now considered the world’s most indebted corporation. As per Bloomberg, Hui’s net worth has decreased from $30 billion at the end of 2019 to roughly $6 billion today.
The luxurious possessions that Hui has offered for sale include art and calligraphy, a yacht, private jets, and other assets from all over the world.