After his fortune shrank by 83%, the founder of Evergrande is offering a London mansion for sale

The property, 2-8a Rutland Gate, which spans seven floors and has 45 rooms, was purchased two years ago for a record amount of $227 million by the founder and chairman of CC Land Holdings, Chang Chang Qiu. The company owns properties in China and the United Kingdom, including the Cheesegrater office complex in London.

However, according to a report in the “Financial Times”, based on sources familiar with the matter, the property located in the Knightsbridge neighborhood and overlooking Hyde Park, is actually owned by the founder of the failed Evergrande, Hoi Ka Yan. The two billionaires are close business partners. According to the report, the land registry documents list a company from the British Virgin Islands named Vision Perfect Global as the purchaser of the property. Hui’s wife, Ding Yumai owns at least 75% of the company.

The current sale procedure is secret and unofficial. “It’s hard to put a price tag on the property, it’s like a piece of art or a diamond. If someone really wants it, they’ll pay,” said one of the insiders. According to the British “Guardian”, members of royal families in the Middle East and American investors are among seven potential buyers of the property, and have visited it in recent weeks. However, it is estimated that they will offer a lower price than the one Hoy paid, as they are all aware of the difficulties that Evergrande has encountered.

Following the drop in Evergrande’s stock in the background of its difficulty in repaying huge debts of 300 billion dollars, Hoy’s personal fortune has shrunk by 83% since July 2020, to 6 billion dollars – based on the Bloomberg Billionaires Index. Hui was forced to sell shares and assets, including works of art and two private planes, in order to pay off debts and against the backdrop of the Chinese government’s refusal to bail out the company.

The structure, originally four houses built in the 1830s, was united into a mansion by former Lebanese Prime Minister Rafik Hariri. It was awarded to the Saudi crown prince, Prince Sultan bin Abdul Aziz after the assassination of Hariri in 2005.

The house, which has an area of ​​5,760 square meters, includes 20 bedrooms, a pool, a spa, a gym and underground parking. The French Alberto Pinto is responsible for the interior design.