HONG KONG, Nov 16 (Reuters) – As developer China Evergrande Group (3333.HK) scrambles to meet its debt obligations, its founder is freeing up funds from luxury assets including art, calligraphy and three high-end homes, according to filings and a person with knowledge of the matter.
Chinese authorities have told Evergrande 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’s troubles in meeting bond repayments have rattled markets and left many of its investors, creditors and suppliers in financial chaos.
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…
