Core Viewpoint - The article discusses the illegal construction issues surrounding the luxury property owned by former Evergrande chairman Xu Jiayin, highlighting the financial struggles of the company and the implications for its assets [1][3][4]. Group 1: Property Details - The property in question is located at 10 E Buli Jing, which has over 6,000 square feet of illegal construction, including a platform that has been raised by over 1,000 square feet and a basement that has been excavated to create a "dungeon" estimated at around 5,000 square feet [3]. - The original building plans indicated that the area connecting the parking space should be flat, with no stairs or elevation differences, but illegal modifications have been made [3]. - The Buildings Department issued a demolition order in June 2023, citing large-scale illegal alterations and expansions in the basement [3]. Group 2: Financial Context - In 2010, Xu Jiayin purchased the three luxury villas at Buli Jing for HKD 2.5 billion shortly after Evergrande's IPO in Hong Kong [4]. - Due to Evergrande's financial crisis, these properties have been used as collateral for loans, with the C and E villas mortgaged in 2021 and the B villa mortgaged to China Construction Bank in October 2022 [6]. - The properties are now under the control of creditors and are set to be sold, with the E villa's market valuation at approximately HKD 500 million, reflecting a significant drop from its previous valuation of HKD 1.5 billion [7].
许家印香港豪宅疑似违建5000尺