China Evergrande chairman Hui Ka Yan continues to scramble to raise funds to meet debt obligations, including an upcoming coupon payment of $255 million due in late December.
63-year old Hui Ka Yan continues to seek ways to raise funds by selling his private assets after Chinese authorities reportedly told the Evergrande chairman to use his personal wealth to repay bondholders.
After pledging a Hong Kong mansion to China Construction Bank last month for a loan, Hui has pledged a second luxury home to Orix Asia Capital on November 8 for an undisclosed amount, according to a filing with Hong Kong’s Land Registry.
Both properties have an estimated value of around HK$800 million ($103 million) each with around HK$300 million raised from the former property to repay an overdue Evergrande bond, according to local media reports.
Art, Calligraphy
Now, fundraising efforts have extended to assets of even the more alternative variety.
According to a «Reuters» report, Evergrande has been selling some art and calligraphy under the order of Hui, though no amount could nor the purpose of the funds could be determined.
While Hui continues to be one of China’s richest individuals with an estimated net worth of $11.3 billion, according to a recent Hurun wealth list released last month, this pales in comparison to Evergrande’s liabilities which total more than $300 billion.
