Luxury Unit Tied to Evergrande Founder’s Family Fetches $7.3 Million at Auction
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A luxury apartment in Guangzhou owned by a nephew of Evergrande Chairman Hui Ka Yan sold for 50.16 million yuan ($7.3 million) in a court-ordered auction Thursday, as liquidators move to dispose of assets tied to the collapsed property giant.
The 317-square-meter unit in the Qiaoxin·Huiyuetai complex — widely regarded as a bellwether for the city’s high-end residential market — fetched about 158,000 yuan per square meter after 29 rounds of bidding. The price marks a sharp retreat from the project’s peak, when apartments changed hands for nearly 370,000 yuan per square meter.
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- A luxury Guangzhou apartment tied to Evergrande sold at auction for 50.16 million yuan, reflecting sharp market declines.
- Evergrande’s debt crisis, peaking at over $300 billion in liabilities, has caused widespread financial distress across China’s property sector.
- Related company Yaxu, led by Evergrande chairman Hui’s relatives, faces 134 million yuan in disputes and is blacklisted; Evergrande was ordered liquidated in Jan 2024 and delisted in Aug 2025.
- Evergrande
- Evergrande, a collapsed property giant, faced a debt crisis with over $300 billion in liabilities. Its fallout led to a Hong Kong court ordering its liquidation in January 2024 and subsequent delisting in August 2025. Liquidators are now attempting to recover assets, including a luxury apartment owned by a nephew of Evergrande's chairman, sold in a court-ordered auction.
- Guangzhou Evergrande Industrial Group
- Guangzhou Evergrande Industrial Group is an entity mentioned in relation to Xu Huojian, nephew of Evergrande Chairman Hui Ka Yan. Xu Huojian was a former executive at this group. The article focuses on the broader context of Evergrande's debt crisis and related asset liquidations.
- Guangzhou Yaxu Decoration Design Co. Ltd.
- Guangzhou Yaxu Decoration Design Co. Ltd. is a contractor deeply entwined with Evergrande, facing 148 debt disputes totaling 134 million yuan. It's blacklisted as a dishonest debtor after Evergrande's default rendered its commercial acceptance bills worthless, preventing Yaxu from paying subcontractors. Xu Huojian, Evergrande Chairman Hui Ka Yan's nephew, holds a 20% stake, with Hui's brother owning the rest.
- Guangdong Xinrong Blackstone Development Holdings Co. Ltd.
- Guangdong Xinrong Blackstone Development Holdings Co. Ltd. is a firm specializing in real estate debt resolution. Its chairman, Liu Qi, estimates that Evergrande owes money to over 5,000 suppliers, with individual claims ranging from hundreds of thousands to billions of yuan. The company likely plays a role in helping resolve debt issues within the real estate sector.
- 2021：
- Evergrande’s debt crisis erupted, causing commercial acceptance bills issued by the company to become effectively worthless.
- January 2024：
- A Hong Kong court ordered Evergrande to liquidate.
- August 2025：
- Evergrande was delisted.
- February 26, 2026：
- A luxury apartment in Guangzhou owned by Xu Huojian, a nephew of Hui Ka Yan, was sold in a court-ordered auction for 50.16 million yuan after 29 rounds of bidding.
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