China Evergrande's former CEO, who Chinese regulators recently said was "uncontactable", has sold his home in Hong Kong at a loss of HK$74 million ($9.48 million) from the purchase price, according to a property agent. Xia Haijun last month sold a 2,834 net sq ft (263 sq m) five-bedroom duplex flat in North Point Mid-Levels district on Hong Kong island for HK$82 million, said Gary Lam, a senior sales director at real estate agency Centaline. Xia, who stepped down from the embattled Chinese developer in 2022 after an internal probe found he was involved in diverting loans worth $2 billion secured by unit Evergrande Property Services to the group, bought the flat from New World Development in 2019, according to records from the Land Registry.
Analysis-China's Home De-Stocking Push to Bring Developers Little Cheer usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.
China s efforts
to clear massive inventory by turning unsold homes into
affordable housing are unlikely to help cash-strapped developers
due to the programme s limited size and potentially low.
Explainer-China's Latest Property Market Support Package - Its Contents and What's at Stake usnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from usnews.com Daily Mail and Mail on Sunday newspapers.