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Evergrande chief's luxury assets in focus as his company scrambles to pay debts

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As ailing Chinese property developer Evergrande faces a battle to pay its debts, company chairman Hui Ka Yan has been selling off luxury assets to raise cash

scrambles to meet its debt obligations, its founder is freeing up funds from luxury assets including art, calligraphy and three high-end homes, according to filings and a person with knowledge of the matter.

Hui pledged one of his Hong Kong mansions of around 5,000 square feet in The Peak, Hong Kong's most prestigious residential enclave with sweeping views over the city's gleaming skyscrapers, for a loan from China Construction Bank in October, according to a filing with Hong Kong's Land Registry. One of the properties is worth HK$800 million, the estate agent said, while the other one is bigger and according to HK01 is worth HK$1 billion.China's State Council Information Office did not immediately respond to a request for comment.The yacht "Event", which is believed to be owned by China Evergrande, is docked in Hong Kong, China October 11, 2021. Picture taken October 11, 2021.

Reuters could not immediately determine how much had been raised by selling the art pieces or what the money has been used for.The source also said Evergrande sold two Gulfstream jets in recent weeks.

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