The former president of Evergrande, Xia Haijun, has had his Guangzhou mansion put up for auction. The 428-square-meter top-floor duplex has an assessed value of RMB 70.6265 million. He was once dubbed the "Salary Emperor" of the real estate industry for his annual salary exceeding RMB 200 million.
A 428-square-meter duplex at No. 11 Qingfeng South Street in Guangzhou's Tianhe District has been listed for auction on the Alibaba Judicial Auction website by the Tianhe District People's Court, with a starting bid of over RMB 49.4385 million. The announcement indicates the property belongs to Xia Haijun, drawing public attention. On May 9, it was confirmed by the Tianhe District People's Court that the listed property is indeed an asset of former Evergrande Group president Xia Haijun.
The property is located in Unit 2501, Guangyue Zunfu Residential Complex, No. 11 Qingfeng South Street, Tianhe District, Guangzhou. It covers a floor area of 428.3206 square meters, featuring a layout of 7 bedrooms, 5 living rooms, and 6 bathrooms. It is a top-floor duplex spanning the 25th and 26th floors.
Guangyue Zunfu is a high-end residential complex in Tianhe District's Zhujiang New Town. Developed by New World China, the complex focuses on large luxury apartments and is surrounded by Zhujiang Park and prime riverfront views.
According to the announcement, the assessed value of the property is RMB 70.6265 million, with a starting bid of RMB 49.4385 million (approximately 70% of the assessed value). Based on the assessed price, this equates to RMB 164,800 per square meter. The auction is scheduled to take place from 10:00 AM on June 1 to 10:00 AM on June 2. A deposit of RMB 9.88 million is required.
The court's execution ruling (2025) Yue 01 Zhi No. 4375 states that the property's owner is Xia Haijun, with the property registration dated December 18, 2017.
On May 9, a staff member of the Tianhe District People's Court confirmed that the property is indeed an asset of former Evergrande Group president Xia Haijun. The property is currently unoccupied and contains basic furniture.
A supporting agency indicated that a property viewing for interested clients will be organized on May 19.
According to reports, Xia Haijun joined Evergrande Group in 2007 and served as Vice Chairman of the Board and President. He was widely regarded as the "right-hand man" of Xu Jiayin, overseeing Evergrande Group's daily operations and capital market activities. In 2017, he topped the Forbes "Hong Kong-Listed Chinese Stock CEO Compensation Ranking" with an annual salary of RMB 270 million. Due to his salary exceeding that of all other executives, he was once referred to as the "Salary Emperor" of the real estate industry.
In July 2022, Xia Haijun suddenly announced his resignation from Evergrande and has since been actively transferring assets. In June 2024, he listed a Hong Kong mansion for sale at a price of HKD 82 million, representing a nearly 50% depreciation. On June 24 of the same year, Evergrande Group filed an application with the Hong Kong Court of First Instance to freeze Xia Haijun's assets to prevent further transfers.
According to reports, on March 18, 2024, Evergrande Real Estate Group Co., Ltd. announced that Evergrande Real Estate and related responsible persons recently received an advance notice of administrative penalties and market entry bans from the China Securities Regulatory Commission (CSRC). The notice indicated that the annual reports for 2019 and 2020 disclosed by Evergrande Real Estate contained false records, and the public issuance of corporate bonds was suspected of fraudulent issuance. Former Evergrande executives, including Xia Haijun, were subject to varying degrees of penalties, warnings, and fines. Among them, Xu Jiayin was fined RMB 47 million, and Xia Haijun was fined RMB 15 million. Both are proposed to be banned from the securities market for life.
Comments