One of the most impressive additions to the pre-loved superyacht market this year is a 200-footer delivered by Benetti just five years ago. Already looki.
Hui Ka-yan, founder and chairman of the troubled developer, rode a wave of market reforms to amass a vast empire that included China’s richest football club, a superyacht and reportedly the most expensive home in London. However, his personal fortunes have dwindled as Evergrande suffocates under a massive pile of debt exceeding US$300 billion.
China Evergrande Group sold its luxury superyacht for about $32 million earlier this year, said two sources, further shrinking the developer's offshore assets as its cash crunch worsened and it scrambled to pull together a debt revamp plan. Evergrande's offshore bondholders are expected to sharpen their focus on offshore assets as the developer's debt restructuring plan flounders with the founder now being investigated over suspected "illegal crimes". The debt restructuring process was further complicated this week after Evergrande said it was unable to issue new debt due to an investigation into its main China unit.
Evergrande sold the 60-metre superyacht Event for US$32 million this year as part of a process to sell down noncore assets, two sources said, further shrinking its offshore assets amid a deteriorating cash crunch.