(Bloomberg) -- China Evergrande Group’s former Chief Executive Officer Xia Haijun has put an apartment in Hong Kong up for sale for HK$160 million ($20.4 million), joining Chinese tycoons that are offloading luxury property in the city.
The 2,793 square-foot (259 square-meter) apartment in the Pavilia Hill complex has five bedrooms and a large balcony, a website listing shows. Xia is listed as the owner, according to a land registry document.
Xia was forced to resign from China’s most indebted developer in July last year amid an internal probe into how 13.4 billion yuan ($1.9 billion) of deposits were used as security for third-party loans and later seized by banks. Evergrande is trying to restructure its offshore credit, while several properties of the company and its founder Hui Ka Yan have been seized.
Evergrande’s Hong Kong headquarters building in Wan Chai has been renamed as YF Life Centre, according to a property consultant’s website. The tower was taken over by a receiver last year.
Xia purchased the apartment for HK$156 million in 2019, the registry shows. The Hong Kong Economic Times reported the sale plans earlier.
Representatives for Evergrande didn’t respond to a request for comment.
Other mainland tycoons’ luxury homes are also being put up for sale in Hong Kong. Investment firm founder Chen Hongtian’s $271 million mansion is being sold after a bank took it away in March.
Hong Kong home prices are expected to drop 5% in the second half due to mortgage-rate hikes, Bloomberg Intelligence analysts estimate.
--With assistance from Emma Dong.
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