Posted Oct 17, 2024, 5:31 PM
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Join Date: Feb 2009
Location: Vancouver
Posts: 26,733
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From Bloomberg today:
Ex-Wife of Evergrande Chair Amasses $285 Million in Property
-Ding owns housing assets ranging from Vancouver to London
-Evergrande liquidators are seeking to recover $6 billion
By Venus Feng
October 16, 2024 at 4:00 PM PDT
Updated on October 17, 2024 at 6:13 AM PDT
In the heart of downtown Vancouver, just minutes from the financial district and art galleries, sits the One Wall Centre - an elliptical, blue glass complex featuring a Sheraton Hotel and luxury apartments.
A condominium on the 47th floor, offering stunning views of the Pacific coast mountains and Vancouver Harbour through floor to ceiling windows, is owned by the ex-wife and son of Hui Ka Yan, the billionaire founder and chairman of the failed developer China Evergrande Group.
The Vancouver condominium is one of many global properties worth as much as $285 million held by Ding Yu Mei, according to court documents and property searches done by Bloomberg News. The homes, from Canada to the UK, include one of the most expensive mansions in London....
....Ding, who holds a Canadian passport, and her son Steven Xu Zhijian bought the Vancouver condominium in 2004, just as Evergrande was starting to ride the wave of a real estate boom that would eventually make Hui Asia’s second-richest person. Ding benefited too, as Evergrande’s rise boosted the value of her almost 6% stake in the company, based on filings last year.
Ding and Xu are still listed as registered owners of the One Wall Centre property, for which they paid C$1 million ($725,000), according to documents from the Land Title and Survey Authority of British Columbia. The two-bedroom unit is currently worth about C$2 million, according to BC Assessment, after prices soared in Canada’s most expensive housing market....
....Ding, 67, was listed as a “homemaker” and Xu a student at the time of the purchase, the documents show. Xu holds a Bachelor of Arts (Economics) degree from the University of British Columbia, according to an Evergrande filing.
Ding has likely added to her Vancouver holdings since then. A house worth C$2.15 million purchased in November 2022 and another bought in February 2023 for C$12 million list Yu Mei Ding as the registered owner, according to land title documents. The transactions were made after Evergrande defaulted on its dollar bonds, and after Hui was urged by Chinese authorities to tap his personal wealth to help repay debts.
The C$12 million home is in Shaughnessy, home to some of Vancouver’s most expensive real estate. Huawei Technologies Co. Chief Financial Officer Meng Wanzhou lived in the area during her time in Canada. Built in 2019, the house has eight bedrooms and 10 bathrooms, with about 6,700 square feet (622 square meters) of floor area, featuring a floor-to-ceiling wine cellar and home theater. The other house in the Southlands area has six bedrooms and four bathrooms, according to marketing materials. A visit to the Vancouver properties in August didn’t find anyone at home....
https://www.bloomberg.com/news/artic...&sref=x4rjnz06
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