Former Evergrande Chairman Xu Jiayin's Hong Kong Mansion Purchase of HK$250 Million in 2010 Revealed to Have Violated Building Codes, with a Hidden Underground Garage Demolished!
Gelon News August 6th ｜According to media reports, former Evergrande chairman Xu Jiayin purchased a luxury mansion in Hong Kong through an offshore company and held it privately. In 2010, when Xu Jiayin was at the peak of his wealth after Evergrande's IPO in Hong Kong, he spent HK$250 million to buy a three-unit residential building on Peak Road, Hong Kong, which had a private garden, indoor elevator, and usable area exceeding 450 square meters. However, by October 2024, two units were sold at a price of HK$90 million, which is equivalent to a 66% discount from the original estimated value of HK$150 million. By early 2024, one unit was sold at a price slightly higher than half of the original estimated value (HK$47 million).
However, the Hong Kong Building Authority discovered that a unit in the building, located at Peak Road No. 10E, had unapproved construction on its outdoor location, with an area exceeding 6,000 square feet, including a platform above the main entrance and a hidden underground garage estimated to be around 5,000 square feet (approximately 464.5 square meters). In June this year, the Hong Kong Building Authority ordered demolition and renovation, citing large-scale unauthorized alterations and extensions in the building's basement, which will be carried out by professionals. Other independent units in the same estate were also found to have violations and will receive a similar order.
Additionally, according to court documents, Xu Jiayin's assets include at least one Airbus A319, one Airbus A330, one Gulfstream G450 private jet, two yachts, and two Rolls-Royce Phantom series, as well as numerous properties worldwide. His personal Airbus A319 private jet was seized by Amway Consultant in December 2024 and put up for sale. Xu Jiayin's ex-wife Ding Yumei also owns multiple private jets, luxury cars, yachts, and properties worth hundreds of millions of dollars in Canada, the UK, and other countries. All these assets are subject to court freezing and liquidation.