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Evergrande founder’s Black’s Link mansion finds a buyer after year-long fire sale
- The 5,171-square foot mansion at 10B Black’s Link, previously held by an Evergrande executive, sold last month for HK$448 million, according to Land Registry data
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A mansion at one of Hong Kong’s most exclusive neighbourhoods found its buyer after a fire sale and 15 months on the auction block, offering a minor victory for China Evergrande Group’s liquidators as they grapple to sell the defunct developer’s assets.
The 5,171-sq ft mansion at 10B Black’s Link, previously held by an Evergrande executive, sold last month for HK$448 million (US$57.35 million), according to the Land Registry. The price was 44 per cent less than the HK$800 million that valuers had estimated the property to be worth.
The buyer of the two-storey mansion, located near the Hong Kong Cricket Club and one of the island’s favourite trekking trails, was Sassicaia Company Limited, a privately owned company. The two directors of Sassicaia, registered in April, are the Singapore passport holder Lim Choi Hwee, and a Bermuda-registered company called Bartley Directors, which uses an agent in Hong Kong as its company secretary.
The sale showed that liquidators and receivers are making progress in their attempt to unravel the web of debt owed by Evergrande and its founder Hui Ka-yan, as they work through an estimated US$300 billion of liabilities after the developer’s liquidation in January. Overnight, Evergrande’s car-making unit was ordered to return 1.9 billion yuan (US$261.9 million) it received in subsidies from various local authorities after it failed to fulfil its production goals.
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