Perched on the crest of a hill in a wealthy Hong Kong neighborhood is a mansion for sale that was seized from China Evergrande Group’s chairman Hui Ka Yan.
The 5,000-square-foot (465 sq m) house at 10B Black’s Link is one of three properties that companies linked to Hui bought in a six-house development in 2009 in the center of Hong Kong island. The buildings formed Hui’s main residence when he was in Hong Kong, according to local media reports.
From this vantage point overlooking Victoria Harbour, Hui expanded a property empire that would make him one of world’s richest people and fuel a real estate boom that would threaten the foundations of China’s prosperity. Hui had founded Evergrande in 1996 in the nearby Chinese city of Guangzhou, but it was Hong Kong’s deep capital markets and access to international investors that supercharged the company’s growth.
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