The chairman of Chinese property developer Evergrande has been selling off his own personal assets this week as his company struggles to repay its debts, according to Sky News business reporter Edward Boyd.
Private jets, luxury homes and artwork have all been sold in a move which demonstrates the Chinese government is pressuring Chairman Hui Ka Yan to start paying off the embattled company’s debts.
Evergrande is in close to US$300 billion dollars of debt, and Mr Hui has already sold two private jets – worth US$50 million, a range of artwork, and three properties in Victoria Peak in Hong Kong.
Victoria Park is Hong Kong’s most prestigious location, and each property is believed to be US$100 million each.
Mr Hui has personally raised US$1.1 billion over the past couple of weeks and using the money to pay off the debts.
The next big payment Evergrande faces is on December 28 for US$255 million.
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