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HONG KONG: Two luxury homes in Hong Kong owned by the chairman of embattled property developer China Evergrande Group, Hui Ka Yan, have been seized by a creditor, local media outlet HK01 reported on Wednesday.

The properties, located in The Peak, one of the most prestigious neighborhoods in Hong Kong, are valued at more than HK$1.5 billion ($192 million), and will be formally taken over by the creditor within days.

An unidentified creditor submitted relevant documents on Tuesday, said the report, without specifying the source of its information.

Hui owns the two luxury homes in The Peak, which were pledged to Orix Asia Capital Ltd in November 2021 for undisclosed amounts, according to the Land Registry.

Orix’s spokesperson did not immediately respond to phone and email queries from Reuters, and Evergrande did not immediately reply to a request for comment.

Another of Hui’s homes next to the two mansions was seized by China Construction Bank (Asia) in November last year.

Pressure piles on Evergrande with chairman under police watch, liquidation risk

Evergrande is fighting a winding-up petition and has until Dec. 4 to unveil a concrete new restructuring proposal to avoid liquidation.

The group’s main assets in Hong Kong - its headquarters and a vast plot of rural land - were seized by creditors last year, after the company defaulted on public debts due to a cash crunch.

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