China Evergrande chairman Hui Ka Yan continues to scramble to raise funds to meet the debt obligations, including an upcoming $ 255 million coupon payment due in late December.
63 years old Hui Ka Yan continues to seek ways to raise funds by selling his private assets after Chinese authorities reportedly told the president of Evergrande to use his personal wealth to pay off bondholders.
After pledging a Hong Kong mansion to the China Construction Bank last month for a loan, Hui pledged a second luxury home to Orix Asia Capital on November 8 for an undisclosed amount, according to a file with the land registry. from Hong Kong.
The two properties are estimated to be worth around HK $ 800 million ($ 103 million) each with around HK $ 300 million raised from the old property to repay an overdue Evergrande bond, according to local media.
Now, fundraising efforts have extended to even more alternative assets.
According to a “Reuters” report, Evergrande sold art and calligraphy under Hui’s order, although no amount could be determined nor the purpose of the funds.
While Hui continues to be one of the richest people in China with an estimated net worth of $ 11.3 billion, according to a recent Hurun wealth list released last month, this is paltry compared to the liabilities of ‘Evergrande which total more than $ 300 billion.