Parkside’s Ivy Ho appeared for Hexin Hengju (Shenzhen) Investment Holding Center, a RMB 5.318 billion judgment creditor of China Evergrande founder Hui Ka Yan and part of the CITIC Group, in an application to vary an Order for Sale over one of Hui’s Hong Kong properties on Austin Road, Kowloon — reportedly among his earliest real estate holdings in the city.
The Court granted a varied Order for Sale reflecting current market conditions and initial market response. Under the revised order, Hexin is permitted to sell the property at a reduced floor price of HK$2.75 million, with a steeper discount mechanism, in order to recover a small portion of the substantial outstanding debt.
This development comes against the backdrop of worldwide Mareva injunctions obtained by the liquidators of China Evergrande Group, under which most of Hui’s assets have been frozen and are subject to receivership proceedings.
In anticipation of a near-finalised sale at HK$3.2 million, the Court also discharged the Charging Order over the property following an application made on counsel’s feet.
The Hon. Au-Yeung J is expected to hand down her Ladyship’s written reasons shortly.
See below for links to the reports via the Chinese language channels:
HK01
Hong Kong Economic Times
Sing Tao Headline
Read more about Ivy here
