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xu jiayin, there is new news! his "house of fortune" in tsim sha tsui, hong kong will be auctioned.

according to reports, the property is about 34.8 square meters in size and was purchased by xu jiayin after he made his first fortune in real estate business in his early years. prior to this, he had already taken over and sold many of his properties.

xu jiayin's "house where he made his fortune" will be auctioned

many properties have been taken over and sold

according to a report by jiemian news on september 17, citing hong kong media, china evergrande was ordered to be liquidated earlier.the hong kong high court also ruled that evergrande founder xu jiayin must repay more than 5.3 billion yuan in debt to hexin hengju, a subsidiary of citic group.otherwise, the property under your name must be sold to pay off the debt based on an absolute charge order.

hexin hengju subsequently appealed, requiring xu jiayin to hand over the vacant property in tsim sha tsui he held and sell it under the court's instructions. the case was heard in the high court on the 16th. the court approved the execution of the charge order in the absence of xu jiayin's party. after the property is auctioned and sold, it will be used to repay part of the debt.

it is understood that the property involved is room a on the 6th floor of cheung king building, 144 austin road, kowloon. according to information, the unit has two bedrooms and one living room, with an area of ​​about 375 feet (about 34.8 square meters).it is reportedit was purchased in 1999 for hk$1.75 million after xu jiayin made his first fortune in real estate business.。

previously, many properties under the names of xu jiayin, ding yumei, xia haijun and others had been taken over and sold.

according to a previous report by daily economic news, on june 14, xia haijun’shongkongthe top floor duplex in the pavillion hill in north point has been sold for hk$82 million. xia haijun bought the property from new world group in 2019, and the total price together with three parking spaces was about hk$160 million.this transaction required a huge loss of hk$78 million, a depreciation of nearly 50%.。

xu jiayin and ding yumeihongkongmany of the family’s luxury homes have been taken over by creditor agencies or companies.it is reported that xu jiayin and his related persons own a total of three luxury homes, namely house c at no. 10 black path, house b at no. 10 and house e at no. 10.may 21,hongkongmarket sources said that xu jiayin was taken over by china construction bank (asia)house b, 10 black lanesold for about hk$470 million, compared to the market valuation more than a year ago.the price reduction amounted to hk$410 million, a reduction of nearly half。the other two luxury homes, house c and house e at 10 black path, have been taken over by orix asia capital limited, and house e at 10 black path is also being sold through public bidding.

image source: visual china-vcg11464152530

there is no sign of evergrande shares resuming trading

xu jiayin, ding yumei and others are being pursued for dividends and remuneration

evergrande's debt crisis has been exposed since the second half of 2021. on january 29 this year, the hong kong high court issued a liquidation order for china evergrande, which became the largest liquidation case among hong kong-listed companies, and china evergrande was officially suspended from trading in hong kong.

on september 13, china evergrande (in liquidation) announced that it had filed a liquidation petition against a subsidiary of the company.september 12,china evergrande (acting on the instructions of the liquidators) filed a winding-up petition against ceg holdings, a direct wholly-owned subsidiary of the company, in the hong kong courtas of the announcement date,ceg holdings holds 49.65% of evergrande propertiesthe liquidators consider that the appointment of provisional liquidators will enable them to preserve the assets of the group for realisation and to benefit the creditors and other stakeholders of the group.the company's shares will continue to be suspended, until further notice.

the semi-annual report shows that in the first half of this year, evergrande property's operating income was approximately 6.22 billion yuan, a year-on-year increase of 1.2%; the gross profit margin was approximately 20.2%, the net profit was approximately 499.8 million yuan, and the net profit margin was approximately 8.0%, a year-on-year decrease of 4.9 percentage points.in the first half of this year, evergrande property's total contracted area was about 794 million square meters, and the area under management was about 555 million square meters. during the period, the cumulative new third-party contracted area exceeded 21 million square meters, an increase of more than 40% year-on-year, and the total contract amount was about rmb 600 million. as of june 30, evergrande property's monetary funds increased by about rmb 21.6 million from the beginning of the year, and its net assets increased by about rmb 437.7 million from the beginning of the year.

on august 9 this year, the quarterly update announcement and latest progress released by the liquidator of china evergrande showed that since the appointment of the liquidator and the suspension of trading, the liquidator has focused on investigating the business and affairs of china evergrande, and taken measures to realize assets and seek to return value to creditors and investors.

china evergrande said:although the liquidators have recovered a small amount of value from the company's assets, the company's liquidity and other internal resources remain limited.given china evergrande’s debt levels and the challenges facing its business and operations, in the absence of significant new investment,the liquidators have not yet found a restructuring plan that would enable the company to meet the resumption guidelines and resume trading of its shares.。

august 5, chinaevergrandethe announcement stated,chinaevergrandeseeking to recover from xu jiayin, ding yumei, xia haijun and seven other defendants, among other things, approximately us$6 billion (rmb 42.7 billion) in dividends and remuneration paid by the company based on its allegedly misrepresented financial statements for the fiscal years ending december 31, 2017 to december 31, 2020。

the liquidators (on behalf of the company) obtained various injunctions based on their claims in the proceedings, restraining xu jiayin, ding yumei and xia haijun from disposing of, selling or reducing the value of their global assets by more than the prescribed limits. the injunctions were first granted on 24 june 2024.hongkongwrits related to the action andhongkongthe injunction was previouslyhongkongthe high court issuedconfidentialityorder to restrainconfidentialitythe order was lifted on august 2, 2024.

chinaevergrandethe legal process of the lawsuit is ongoing.there is uncertainty about the likelihood of a successful claim and the amount the company may ultimately recover.the liquidators will publish further announcements on the above matters in due course in accordance with the requirements of the listing rules.

on may 31, china securities regulatory commissionmemberthe china securities regulatory commission (hereinafter referred to as the csrc) issued an announcement toevergrandean administrative penalty decision was made for the fraudulent issuance of real estate bonds and illegal information disclosure.evergrandethe real estate company was ordered to make corrections, given a warning and fined rmb 4.175 billion.evergrandexu jiayin, the then chairman and actual controller of real estate, was fined the maximum amount of 47 million yuan and banned from the securities market for life.

daily economic news is compiled from jiemian news, securities times, meijing.com, the paper, public information, etc.