Chinese billionaire Xu Jiayin, founder of Evergrande—China’s largest real estate developer, faces Evergrande’s bond defaults. Earlier, the media reported that the Chinese Communist Party asked Xu Jiayin to use his assets to ease Evergrande’s debt crisis.

After selling much of his personal property in Hong Kong, Xu Jiayin continued to sell properties in the US.

Xu’s Hollywood Hills mansion was for sale for the first time for $18.5 million. But with no buyers, the price quickly dropped to $17 million. And records show a deal was closed at $12.5 million. According to Dirt, “Peter” Xu Tenghe, son of Xu Jiayin, bought the mansion for $17.5 million in 2018.

The mansion was sold five million dollars lower than the initial price, not to mention all the brokerage fees, taxes, other closing costs, and three years of maintenance, and so on.

Evergrande’s financial crisis is getting global attention this year.

According to the Wall Street Journal, Evergrande raised more than $50 million by selling two private jets to pay off some of the debt. Another media also reported that Xu Jiayin and his wife’s villa in Hong Kong was mortgaged to a bank.

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