Evergrande Chief Borrows $105 Million Against Hong Kong Properties
China Evergrande Group Chairman Hui Ka Yan, known as Xu Jiayin in Mandarin, pledged two more luxury houses in Hong Kong as collateral to borrow $105 million to help pay the developer’s debts.
Evergrande, the world’s most indebted developer, has been struggling to sell assets as it grapples with more than $300 billion in liabilities. Chinese authorities have urged Hui to help repay the company’s obligations using his personal wealth. The billionaire has been selling off personal assets including art and calligraphy collections to raise funds, Reuters reported Tuesday, citing a person with knowledge of the matter.
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