The mansion tells the story of how Evergrande’s billionaire chairman gained and lost one of the world’s biggest fortunes after Xi Jinping cracked down on China’s property industry.
The residence is one of three properties that companies linked to Hui bought in the development on Black’s Link. Hong Kong Cricket Club is in the background. Photographer: Anthony Kwan/Bloomberg , Bloomberg
The 5,000-square-foot 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. Hui’s personal fortune swelled to $42 billion at its peak in 2017. His majority holding in Evergrande meant he benefited generously from dividends — pocketing $8 billion between 2011 and 2021, according to Bloomberg calculations. Although there was concern about the size of company’s debt pile, Hui was able to rely on the financial support of his tycoon friends. These included Henry Cheng, chairman of New World Development Co., which built his Hong Kong home.
Efforts earlier this year to sell Hui’s house on Black’s Link failed after bids fell short of the target. The interior of the European-style property has a muted design, with cream-colored walls, marble flooring and floor-to-ceiling windows with views of nearby jungle-clad peaks and distant skyscrapers, according to a sales brochure obtained by Bloomberg News. There is also a private swimming pool. Centaline Property Agency Ltd. and CBRE Group Inc.
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