A luxury home valued at tens of millions of dollars and owned by an associate of Evergrande chairman Hui Ka Yan has been reportedly pledged as loan collateral.
The property located was pledged on October 19 to the local branch of China Construction Bank, according to documents from Hong Kong’s Land Registry.
Based in the luxurious Black Link’s trail, the property has an estimated value of HK$700 million ($90 million).
According to a «Caixin» report citing unnamed sources, the property is owned by an associate of Evergrande chairman Hui Ka Yan and was pledged due to pressure from the debt-laden developer’s creditors which demanded additional security for the firm’s private equity financing.
