barringtonpokertable| A mansion in Hong Kong by Xu Jiayin was sold for nearly 50% off, costing HK$470 million, a price that is halved from the valuation a year ago!

The bungalow in Block B, No. 10 Buli Path, The Peak, Hong Kong, once belonged to Xu Jiayin, founder of Evergrande Group, or his related personsbarringtonpokertableAfter more than a year of release, it was finally sold at about 4barringtonpokertableA price of HK$..70 million was purchased by buyers, which was far lower than the market valuation of HK$880 million a year ago. The property had previously been taken over by CCB Asia and was put on sale about a year ago.

It is understood that Xu Jiayin purchased three villas at No. 10 Buli Path on the Peak in 2010, including Blocks B, C and E, with a total market value of approximately HK$2.5 billion at that time. Faced with financial pressure, these three luxury houses have been mortgaged.

On March 1 this year, news came out in the market that "Xu Jiayin's Hong Kong mansion was on the market." The company received a notice from the receiver that it was the exclusive agent to tender for the sale of Block E, No. 10 Buli Path. The property is a three-story independent mansion with a usable area of approximately 4933 square feet. It is planned to be sold as it is, and the bidding deadline is set for April 22, 2024.

Although there was no official response to Evergrande's verification, some people familiar with the matter have confirmed to the media that the transaction information is true. This transaction reflects the market's assessment of luxury properties and its changes, and also reveals the challenges faced by Evergrande Group at the financial level.

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