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Boss of debt-ridden Chinese property giant Evergrande sells $1.1BILLION worth of assets

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The boss of debt-ridden Chinese property giant Evergrande has sold $1.1billion worth of assets including jets, art and Hong Kong flats under order from Beijing amid fears the firm’s collapse could spark a global financial meltdown.

Chinese authorities told the company’s chairman Hui Ka Yan, 63, to use some of his personal wealth to help pay bondholders, two separate people with knowledge of the matter told Reuters last month.

Evergrande is scrambling to meet its debt obligations, with Hui Ka Yan freeing up funds from luxury assets, according to state-owned China Business News on Tuesday, citing anonymous sources close to the matter.

Evergrande’s troubles in meeting bond repayments have rattled markets and left many of its investors, creditors and suppliers in financial chaos.

Xu has been injecting funds into the company since the beginning of July.

Chinese authorities told the chairman of Developer China Evergrande Group Hui Ka Yan (pictured in 2017, file photo), 63, to use some of his personal wealth to help pay bondholders

Chinese authorities told the chairman of Developer China Evergrande Group Hui Ka Yan (pictured in 2017, file photo), 63, to use some of his personal wealth to help pay bondholders

It has been used to ‘maintain the basic operations of his huge business empire,’ the paper reported, such as paying staff salaries, interest payments and some bonds and cash that is owed to investors in Evergrande’s wealth product. 

It has also gone towards finishing property projects in China.

The outlet wrote: ‘So far Xu Jiayin has been personally raising money to continue the life of Evergrande.’

Guo Hui, whose cleaning business is owed more than 18 million yuan ($2.8 million) by Evergrande, had to sell his Porsche Cayenne and an apartment to raise cash and pay debts.

‘He should be selling his things,’ Guo told Reuters. ‘He had no choice once the authorities made him.’

Hui pledged one of his Hong Kong mansions of around 5,000 square feet in The Peak, Hong Kong’s most prestigious residential enclave with sweeping views over the city’s gleaming skyscrapers, for a loan from China Construction Bank in October, according to a filing with Hong Kong’s Land Registry.

The property is worth around HK$800 million ($103 million), an estate agent told Reuters and local media said it was pledged to raise about HK$300 million to repay an overdue Evergrande bond.

The tycoon, ranked as Asia’s wealthiest man in 2017, pledged two other luxury houses in the same development to Orix Asia Capital Ltd on Nov 8. for undisclosed amounts, according to the Land Registry. Local media outlet HK01 said on Tuesday the total amount raised was HK$821 million.

One of the properties is worth HK$800 million, the estate agent said, while the other one is bigger and according to HK01 is worth HK$1 billion.

Pictured: Villa del Mare, one of the homes owned by the chairman of Developer China Evergrande Group Hui Ka Yan, in Australia. He has been told to sell his assets to help pay for the debt obligations of the property giant

Pictured: Villa del Mare, one of the homes owned by the chairman of Developer China Evergrande Group Hui Ka Yan, in Australia. He has been told to sell his assets to help pay for the debt obligations of the property giant

Hui and Evergrande did not respond to requests for comment regarding the properties on The Peak.

China’s State Council Information Office did not immediately respond to a request for comment. 

Raised by his grandmother in a rural village, Hui founded Evergrande in 1996 in southern Guangzhou city, supplying low-priced homes and building a fortune.

Xu (pictured) has been injecting funds into the company since the beginning of July

Xu (pictured) has been injecting funds into the company since the beginning of July

He developed a passion for calligraphy, art and Koi carp – fish seen as a symbol of good luck and fortune for which he paid tens of millions of yuan, according to a source with direct knowledge of the matter.

Under Hui’s orders, Evergrande has been selling some art and calligraphy to raise fresh capital, said the source. The source declined to be named due to the sensitivity of the situation.

Reuters could not immediately determine how much had been raised by selling the art pieces or what the money has been used for.

Evergrande did not respond to a request for comment regarding the art sale.

The source also said Evergrande sold two Gulfstream jets in recent weeks.

The Wall Street Journal reported earlier this month Evergrande raised more than $50 million by selling two of its private jets to American aircraft investors.

Hui also owns a 60-metre yacht called ‘Event’ estimated to be worth $60 million, as well as a private Airbus jet, according to Chinese media reports.

Reuters could not independently verify the ownership of Hui’s yacht and private jet.

Hui and Evergrande did not respond to requests for comment regarding his aircraft, yacht and other assets.

While Hui’s net worth has plunged over the past few years from around $45 billion in 2017, he is still estimated to be worth $11.3 billion, according to the Hurun China Rich List 2021, released last month.

But even as he moves to sell some of his personal assets, the proceeds raised pale in comparison to Evergrande’s liabilities of more than $300 billion, equivalent roughly to the gross domestic product of South Africa.

After Evergrande last week again averted a destabilising default with a last minute bond payment, its next deadline is December 28, with coupon payments totalling more than $255 million due. 

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Catella invests €15.5m in Portuguese student accommodation

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The Catella European Residential Fund (CER) has made its first venture into the emerging Portuguese institutional investment market for student housing with the acquisition of an asset in the municipality of Cascais, just to the west of Lisbon, for €15.5m. The vendor is Value One HoldingThe property is located close to the beach in the Lombos neighbourhood of Carcavelos within the Cascais municipality and is a 10-minute walk from Portugal’s most prestigious business school, the NOVA School of Business and Economics, which has a student population of over 3,500. The centre of Lisbon can be reached within 20 minutes via two train stations. The 6,622m² property was built in 2020 and comprises 192 spacious single rooms (20m² on average) with a gym, rooftop terrace, study, music and leisure rooms and parking. It is 99% occupied and has obtained LEED Gold sustainability certification for its construction.

 

European student accommodation provider MILESTONE operates the residence under a management contract. MILESTONE was founded in Vienna, is a member of the Value One Group, an international real estate Developer and student housing operator and brings extensive knowledge of the conception, design and successful management of student housing, combined with international expertise. MILESTONE currently has 4,627 beds of purpose-built student housing under management and in development across Austria, Portugal, Germany, Netherlands, Poland and Italy.

 

Eduardo Guardiola, Managing Partner of Catella AM Iberia, said: This is a milestone for CER marking the vehicle’s first investment in Portugal. It is also an important step for CRIM as it represents the investment manager’s entry into Portugal. For Catella AM Iberia it marks our third transaction as advisors on a student accommodation acquisition in the Iberian region. The Portuguese real estate market is becoming increasingly relevant across both the affordable rental and student housing markets – which although very different in maturity and size offer some excellent investment opportunities.”

 

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Kirstie and Phil’s Love It Or List It viewers slam father-of-two who ‘clearly wants a bachelor pad’

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Viewers of Kirstie and Phil’s Love it or List it last night slammed a father-of-two who ‘clearly wanted a bachelor pad’ after he said he wanted a home where his children were ‘out the way.’

Sophie and Paul, from Aylesbury, who had spent the last eight years  in their home, had been totally split on whether they should renovate or list their property on the market for three years. 

The couple had allocated £90,000 to transform their house, but also had a £525,000 budget to look at new homes elsewhere. 

Following Kirstie’s advice on the show, they spent £80,000 converting their garage into a large living space as well as knocking down their old conservatory to make way for a huge extension.

But many of those watching were unimpressed by Paul’s attitude after he said he liked their new playroom because it meant his children ‘couldn’t bug him’.

Viewers of Kirstie and Phil's Love it or List it last night slammed Paul, from Aylesbury who 'clearly wanted a bachelor pad' after he said a home where his children were 'out the way'

Viewers of Kirstie and Phil’s Love it or List it last night slammed Paul, from Aylesbury who ‘clearly wanted a bachelor pad’ after he said a home where his children were ‘out the way’

Sophie and Paul had spent the last eight years in their home but said they had been totally split on whether they should renovate or list their property on the market for three years

Sophie and Paul had spent the last eight years in their home but said they had been totally split on whether they should renovate or list their property on the market for three years

The couple allocated £90,000 to transform their home and added an enormous extension, as well as converting their garage

The couple allocated £90,000 to transform their home and added an enormous extension, as well as converting their garage 

One wrote: ‘He doesn’t like his in-laws, his kids or his house. Think he wishes he was still a bachelor.’

Another wrote: ‘The partner is just gross, he just keeps going on about not being a bachelor anymore and how he doesn’t want the kids to bug him.

‘I get the sense he still likes to think of himself as a bachelor, I can just imagine him on a night out without her.’ 

Appearing on the programme last night, Sophie and Paul had been together for eight years and had two children, seven-year-old Finley and three-year-old Georgia. 

Both Sophie and Paul confessed they felt their family had outgrown the space which they had been living in for the past 13 years

Both Sophie and Paul confessed they felt their family had outgrown the space which they had been living in for the past 13 years 

Following Kirstie's advice they converted their garage into a large living space as well as knocking down their old conservatory to make way for a huge extension

Following Kirstie’s advice they converted their garage into a large living space as well as knocking down their old conservatory to make way for a huge extension

But when Paul bought their three bedroom house 13 years ago, a family home was not the objective. 

He explained: ‘This was my bachelor pad. I’m team List It, I want something fresh and new for Sophie and the kids.’

Meanwhile Sophie said: ‘I’m definitely a home bird and I love being here.’

She said they relied on her parents ‘a lot’ because they lived at the bottom of the road.   

Paul said the living room was one of his pet hates because the family were 'always on top of each other'

Paul said the living room was one of his pet hates because the family were ‘always on top of each other’ 

Meanwhile the couple had converted the property's conservatory into a playroom but admitted it wasn't fit for purpose for their children

Meanwhile the couple had converted the property’s conservatory into a playroom but admitted it wasn’t fit for purpose for their children 

But Paul said: ‘My pet hates include the location, the small bedroom upstairs is a tiny box-room. 

‘The playroom downstairs isn’t fit for purpose, the kitchen needs overhauling and the garage is a mess.

‘The most important thing for me in a house is having the divide between adult space and children space and I think that’s important especially as they grow up.’ 

Sophie added: ‘We’ve been in a limbo now for three years where nothing has been done.’  

The first property that Phil showed the couple was a 1930s semi which was just one mile away from their current home was (pictured)

The first property that Phil showed the couple was a 1930s semi which was just one mile away from their current home was (pictured) 

The four-bedroom home was listed under budget at £475,000 with a cosy separate living room, an up to date kitchen diner and a large family garden (pictured, the kitchen diner)

The four-bedroom home was listed under budget at £475,000 with a cosy separate living room, an up to date kitchen diner and a large family garden (pictured, the kitchen diner) 

While Sophie said the bedrooms were 'nice' (pictured), Paul commented that a spiral staircase up to the master suite was 'a bit tight when you come home late at night drunk'

While Sophie said the bedrooms were ‘nice’ (pictured), Paul commented that a spiral staircase up to the master suite was ‘a bit tight when you come home late at night drunk’

She told Kirstie and Phil she wanted to extend their home, while Paul said: ‘I’ve fallen out of love with the property. We’re all on top of each other here.’ 

But Sophie admitted she was unwilling to move further than a 15 minute drive from her parent’s home. 

Kirstie warned they would have to go to the top of their budget to fix the home’s problems, suggesting extending the kitchen diner into the area where the current conservatory is.

Meanwhile she said they could also convert the garage into a new living room, creating space for a new hallway. 

The second property on the search was in the village of Prestwood and priced at just under £550,000 (pictured)

The second property on the search was in the village of Prestwood and priced at just under £550,000 (pictured) 

It had four bright bedrooms, all of which were big enough to accommodate the children as they got older, as well as a separate playroom and a large kitchen (pictured, the kitchen)

It had four bright bedrooms, all of which were big enough to accommodate the children as they got older, as well as a separate playroom and a large kitchen (pictured, the kitchen)

Paul confessed he liked the property because of it's playroom, adding it would 'keep the children out the way' (pictured)

Paul confessed he liked the property because of it’s playroom, adding it would ‘keep the children out the way’ (pictured) 

Upstairs, the extension would give space for four bedrooms and a master suite.

Meanwhile the first property that Phil showed the couple was a 1930s semi which was just one mile away from their current home was. 

The four-bedroom home was listed under budget at £475,000 with a cosy separate living room, an up to date kitchen diner and a large family garden.

While Sophie said the bedrooms were ‘nice’, Paul commented that a spiral staircase up to the master suite was ‘a bit tight when you come home late at night drunk.’  

The final property was a large detached four-bedroom home was on budget for £525,000 (pictured)

The final property was a large detached four-bedroom home was on budget for £525,000 (pictured) 

It featured a large kitchen diner (pictured) and an office room to the front which could be used as a playroom

It featured a large kitchen diner (pictured) and an office room to the front which could be used as a playroom 

However the couple ultimately decided the downstairs living space wasn’t large enough for their family. 

The second property on the search was in the village of Prestwood and priced at just under £550,000. 

The detached home had been on the market a while, and Phil hoped that a deal could be done.

It had four bright bedrooms, all of which were big enough to accommodate the children as they got older, as well as a separate playroom and a large kitchen.   

After fifteen months of renovations, Kirstie and Phil returned to see the couple's changes to their property and were blown away

After fifteen months of renovations, Kirstie and Phil returned to see the couple’s changes to their property and were blown away 

Commenting on the couple's decision to have  a larger playroom for their children, Paul said it meant they 'wouldn't come through to bug us'

Commenting on the couple’s decision to have  a larger playroom for their children, Paul said it meant they ‘wouldn’t come through to bug us’

Paul commented: ‘Good playroom at the front…keep them out the way. Eventually this could be my main cave.’ 

And the final property in their search was in the quaint village of Stoke, with Paul saying: ‘I like the outside and it’s in a good location.’

The four-bedroom home was on budget for £525,000, with a large kitchen diner and an office room to the front which could be used as a playroom.

Outside, there was a double length garage which could be used for storage space. 

Fifteen months after the couple started the renovations on their home, Kirstie and Phil returned to find the property had been completely transformed. 

However despite Sophie and Paul's joy about their converted home, and their decision to stay in the property, many viewers were unimpressed by his attitud

However despite Sophie and Paul’s joy about their converted home, and their decision to stay in the property, many viewers were unimpressed by his attitud

They were blown away by the extension the couple had added to their home, with even Sophie admitting it was ‘bigger than they expected it to be.’

Meanwhile Paul added: ‘It’s definitely not a bachelor pad now.’

And commenting on the decision to build a separate  play room, he said: ‘The children can turn right [to the playroom] as opposed to coming all the way through here and bugging us.’ 

Overall the couple spent £80,000 and the property value has increased by £150,0000.

However despite Sophie and Paul’s joy about their converted home, and their decision to stay in the property, many viewers were unimpressed by his attitude. 

One wrote: ‘I think this guy just doesn’t want to live in the same house as his kids.’

Another added: ‘The guy on this obviously wants away from her parents and somewhere to shove the kids out of the way…he wants a bachelor pad…just come out and say it!’

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Four found dead at US-Canada border believed to be human smuggling victims

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The bodies were found on Wednesday in barren, snow-covered terrain just feet from the United States border in Manitoba, Canada: a man, a woman, a teenager and an infant who appeared to have frozen to death while trying to cross into the US, according to the Royal Canadian Mounted Police.

All four have been tentatively identified as members of a family who may have been victims of a human smuggling operation, the authorities said. Their bodies were discovered about 30-40ft from the US border, in a remote area just less than 10km east of Emerson, Manitoba, the authorities said.

“It is an absolute and heartbreaking tragedy,” assistant commissioner Jane MacLatchy of the Royal Canadian Mounted Police said at a news conference on Thursday, adding that it appeared that all four had died of exposure to the cold.

She emphasised that investigators consider the four to be victims. “We’re very concerned that this attempted crossing may have been facilitated in some way and that these individuals, including an infant, were left on their own in the middle of a blizzard when the weather hovered around minus-35 degrees Celsius, factoring the wind,” Ms MacLatchy said. “These victims faced not only the cold weather but also endless fields, large snowdrifts and complete darkness.”

The bodies were found after US Border Patrol agents stopped Steve Shand (47), of Florida, on Wednesday, while he was driving a 15-passenger van less than 2km south of the Canadian border in a rural area between the official ports of entry at Lancaster, Minnesota and Pembina, North Dakota, federal prosecutors in Minnesota said. He was charged with human smuggling.

Law enforcement officials said two passengers in the rented van that Mr Shand was driving were citizens of India without legal permission to be in the US. While Mr Shand and his passengers were being taken to a Border Patrol station in North Dakota, law enforcement officers found five more Indian citizens walking in the snow about a quarter-mile south of the Canadian border, in the direction of where Mr Shand had been arrested, prosecutors said.

Separated

The five Indian nationals, who appeared to be headed to an unstaffed gas plant in St Vincent, Minnesota, told law enforcement officials that they had expected to be picked up by someone, prosecutors said. They said that they had been walking for more than 11 hours and had crossed the border from Canada into the United States, prosecutors said.

One member of the group said he was carrying a backpack for a family of four Indian citizens who had become separated from his group during the night, court documents said. Inside the backpack were children’s clothes, a diaper, toys and children’s medication.

Canadian authorities then began a search with snowmobiles and all-terrain vehicles that led to the discovery of the four bodies in Manitoba. One Indian woman in the group that had survived the crossing into the United States stopped breathing several times while she was being transported by the Border Patrol, court documents showed. She was flown to a hospital where she will likely require partial amputation of one of her hands because of exposure to the extreme cold, the documents stated.

Court

Prosecutors said Mr Shand made his first appearance on Thursday in US District Court for the District of Minnesota, where he was ordered to remain in custody until a hearing on Monday. It was not immediately clear if he had a lawyer. In a criminal complaint, a special agent with Homeland Security Investigations said that the four deaths were being investigated “along with an investigation into a larger human smuggling operation of which Shand is suspected of being a part”.

According to the complaint, a Border Patrol agent said he knew of three other smuggling operations that happened in the place where Mr Shand was arrested. Two were in December and one was earlier this month, according to the complaint.

The complaint states that one of the Indian citizens detained on Wednesday said that he had paid a “significant amount” of money to enter Canada from India with a fraudulently obtained student visa. The man said he had walked across the border into the United States and had expected to be picked up by someone who would take him to his uncle’s house in Chicago.

Ms MacLatchy said she had a message for anyone who was thinking of crossing the international border in Manitoba: “Just don’t do it.”

“Do not listen to anyone who tells you they can get you to your destination safely,” she said. “They cannot. Even with proper clothing, it is not a journey that is possible.” – This article originally appeared in the New York Times

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