Chinese Hengda Chairman's Private Jet and Yacht Worth Over 500 Billion Won... Still Left After Paying Interest

[Image source=AFP Yonhap News]

[Asia Economy Reporter Kang Nahum] Reports have emerged that Xu Jiayin, chairman of Evergrande, a Chinese real estate developer facing a liquidity crisis, owns luxury assets worth more than 500 billion won, including a private jet, luxury yachts, and mansions.

According to foreign media reports on the 6th, the value of yachts, private jets, and luxury homes owned by Chairman Xu or Evergrande affiliates amounts to $485 million (approximately 574.6 billion won). This is enough to cover the $400 million (about 473.9 billion won) in corporate bond interest payments due this year.

First, in 2016, Chairman Xu purchased the luxury yacht "Event," which is 60 meters long, through his affiliate Sky Great Limited. According to British shipbuilding and shipping research firm VesselsValue, the yacht is valued at $45.1 million (about 53.4 billion won).

Additionally, Evergrande affiliates own at least three private jets, including Gulfstream jets and Airbus ACJ319 and ACJ330 models, with a total value of $236 million (about 264.9 billion won). The ACJ330 is a VIP-customized version of the Airbus A330-200 Prestige model, one of only four in the world, created in 2016.

In this regard, the Wall Street Journal (WSJ) reported yesterday that Evergrande sold two Gulfstream jets last month to U.S. aircraft investors, raising more than $50 million (about 5.93 billion won) in total.

According to WSJ, Evergrande currently owns at least four private jets, and the most expensive ACJ330 is also currently up for sale. This "VVIP" passenger jet model was purchased by Evergrande a few years ago for $220 million (about 261 billion won).

Furthermore, the value of two mansions owned by Chairman Xu under his affiliate's name in The Peak, Hong Kong's most affluent neighborhood, is estimated at $204 million (about 241.7 billion won).

Besides these assets, despite a 55% drop in the value of Evergrande and Evergrande Property Services affiliate stocks this year, Chairman Xu's holdings are still worth $3 billion (about 3.5534 trillion won).

Chen Zhu, director of the Asia Global Institute at the University of Hong Kong, said, "At the very least, Chairman Xu needs to show that he is using personal assets to repay debts," adding, "He needs to demonstrate more resolve to avoid more serious consequences."

This content was produced with the assistance of AI translation services.