(Bloomberg) -- China Evergrande Group Chairman Hui Ka Yan’s former mansion in Hong Kong was sold at a significant discount, according to a person familiar with the matter.

The luxury property on the Peak, which had been seized by creditors, was sold for HK$470 million ($60 million), just over half the previous valuation of HK$880 million a year ago, the person said, requesting not to be named because the information is private. It is unknown who the buyer is.

The 5,000 square-foot (465 square-meter) house at 10B Black’s Link is one of three properties that Hui purchased in a six-house development in 2009. It was seized in 2022 by China Construction Bank Corp. and had been on the market since.

The other two houses on Black’s Link tied to Hui were also taken by a creditor. The properties formed Hui’s main residence when the founder of the fallen Chinese developer was in Hong Kong, according to local media. Ming Pao reported the sale earlier. 

Read more: Evergrande Founder’s Wealth Plunges to New Low as Woes Mount

Hong Kong’s luxury market has been hurt by high interest rates and a weak economy in mainland China, where many of the potential buyers are from. In January, a mansion on the Peak was sold at a 30% discount to the asking price of HK$1.3 billion.

(Updates with sourcing attribution in first, second paragraph)

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