According to SCMP , a luxury property in Hong Kong (China) worth 550 million HKD (70.2 million USD) linked to Evergrande Group founder Hui Ka-yan has been put up for sale by the receiver.
Property No. 10E on Black's Link Road, is a three-storey mansion with an area of 4,933 square feet (458.29 m2) in The Peak – Hong Kong's most expensive residential area.
Savills, the agent in charge of selling the mansion, is inviting offers for the property, with the closing date for bids being April 22.
Location of Mr. Hui Ka-yan's residence in The Peak area, Hong Kong. (Photo: SCMP)
Last November, Evergrande's lender, Orix Asia Capital, appointed Cosimo Borrelli and Tang Tak Yeung as receivers for units 10C and 10E on Black Link Road, according to records with the Hong Kong Land Registry.
The two properties are linked to Mr Hui through his associate Tan Haijun, who is said to be a director of Giant Hill, the company that owns the two mansions.
Thomas See, associate director at Savills, said that apartment 10C, which is also linked to Mr Hui, will soon be put up for sale after the clearance process is completed.
Another of Mr Hui's residences on Black's Link, 10B, was put up for sale in March 2022.
Mr Hui resigned as director of Giant Hill on July 30, 2021, and Mr Tan took over the position on the same day.
In late January, Hong Kong's High Court approved a request by creditors to liquidate the world's most indebted property developer with debts of $328 billion, the largest such case ever recorded in the city.
Apartments at 10 Black's Link Road, in The Peak, Hong Kong. (Photo: Mingtiandi)
Hong Kong lifted decades-long property curbs this week in a dramatic move to revive the struggling sector. Property prices in the port city fell for a ninth straight month in January, dragging the official home price index to a seven-year low. Home prices have fallen 23% from a record high in September.
Measures being scrapped include the Buyers Stamp Duty aimed at non-residents and a new Residential Stamp Duty for second-time buyers. In addition, homeowners will no longer have to pay Special Stamp Duty if they sell their home within two years.
“The removal of stamp duty will have a direct short-term stimulating effect on transactions. It is a good sign for mainland and overseas buyers,” said Thomas See.
In fact, before the announcement of the new decision, Hong Kong's luxury real estate market had shown signs of recovery as a wave of price cuts attracted bargain hunters.
Last month, a mainland Chinese buyer contacted Mindray Bio-Medical Electronics to buy an ultra-luxury home in The Peak after a 35% discount. The villa at 25-26 A&B Lugard Road sold for HK$838 million (over US$107 million), according to Savills.
“We’ve seen a 70% increase in homebuyer traffic on our homepage and a 750% increase in people looking into stamp duty requirements,” says Victoria Allan, founder and managing director of estate agency Habitat Property.
In addition to easing measures to curb the property market, the Hong Kong Reserve Bank (HKMA) on February 28 eased its lending policy, offering higher mortgage rates to support the housing market. Homes worth more than HK$35 million, considered luxury in Hong Kong, will enjoy a mortgage rate of 60%, instead of the previous 50%.
The easing of restrictions could attract more buyers who may see this as an investment opportunity, said Sdever Li, director of residential services at Savills. “However, market trends can be influenced by various factors, so it is important to monitor the situation closely to see how it develops in the coming months.”
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