China Evergrande Group’s inability to pay off millions in debts has resulted in the introduction of a risk resolution working group with the Chinese regime’s intervention. Xu Jiayin, the founder and chairman, has been pushed to sell his family’s assets, including a mansion in the Hollywood Hills sold at a loss of $5 million.
A luxury home in Los Angeles owned by Xu’s son was recently sold for $12.5 million to a local couple, at $5 million lower than the asking price, excluding real estate agent fees, taxes, maintenance fees, and other closing costs said Dirt, a U.S.-based media outlet focus on high-end real estate on Nov. 29.
