Photo: Damen Yachting
We know that millionaires let go of their fabulous, custom superyachts, when it’s time to move on to something new. But sometimes, they can be forced to part with their yachts, along with other assets, if things are going from bad to worse. This might be the case for one of the richest entrepreneurs in Asia, Hui Ka Yan.
Only four years ago, Hui Ka Yan was a serious candidate for the title of “Asia’s richest man,” as the chairman of Evergrande. This company was founded in 1996 and became a real estate empire. Not only did Evergrande have control over an impressive amount of land, but, according to Fortune, Hui Ka Yan also dabbled in sports, online entertainment, banking, and other activities, even dreaming of a “new energy automobile company.”
Unsurprisingly, along with his personal fortune (estimated to be $42 billion at its highest point in 2017), debts also grew. In 2018, Evergrande’s debts amounted to $100 billion and was reportedly singled out by China’s central bank as one of the companies that could pose a system risk to the financial system. Now, three years later, the situation is even worse, with Hui facing a liquidity crisis. Creditors are getting impatient, and it was reported that they are more than interested in the Chinese entrepreneur’s assets.
The beautiful superyacht called “Event” is at the center of Hui’s luxury assets, worth a total of $485 million, according to Forbes. Hui hasn’t parted with the 197-foot (60-meters) yacht yet, but it looks like he might have no choice. It is an Amels 199 (which later became Amels 206), a Limited Edition range of premium, semi-custom yachts. Amels is part of the famous Damen shipyard, a Dutch family-owned company.
Hui’s superyacht was delivered in 2013 and won the prestigious World Superyacht Award the next year. With an exterior design by Tim Heywood, and an interior design by Laura Sessa, Event’s sumptuous interior spaces are matched by its capabilities. Two Caterpillar engines deliver a maximum speed of 16.5 knots (19 mph/30.5 kph), and a range of 5,000 nautical miles. One of the ship’s particularities is the tender garage placed below the foredeck, so that the crew can launch and retrieve water toys without disturbing the guests.
Still one of Hui Ka Yan’s prized possessions for now, the majestic Event could become the mark of his downfall, if it will eventually be sold.
Unsurprisingly, along with his personal fortune (estimated to be $42 billion at its highest point in 2017), debts also grew. In 2018, Evergrande’s debts amounted to $100 billion and was reportedly singled out by China’s central bank as one of the companies that could pose a system risk to the financial system. Now, three years later, the situation is even worse, with Hui facing a liquidity crisis. Creditors are getting impatient, and it was reported that they are more than interested in the Chinese entrepreneur’s assets.
The beautiful superyacht called “Event” is at the center of Hui’s luxury assets, worth a total of $485 million, according to Forbes. Hui hasn’t parted with the 197-foot (60-meters) yacht yet, but it looks like he might have no choice. It is an Amels 199 (which later became Amels 206), a Limited Edition range of premium, semi-custom yachts. Amels is part of the famous Damen shipyard, a Dutch family-owned company.
Hui’s superyacht was delivered in 2013 and won the prestigious World Superyacht Award the next year. With an exterior design by Tim Heywood, and an interior design by Laura Sessa, Event’s sumptuous interior spaces are matched by its capabilities. Two Caterpillar engines deliver a maximum speed of 16.5 knots (19 mph/30.5 kph), and a range of 5,000 nautical miles. One of the ship’s particularities is the tender garage placed below the foredeck, so that the crew can launch and retrieve water toys without disturbing the guests.
Still one of Hui Ka Yan’s prized possessions for now, the majestic Event could become the mark of his downfall, if it will eventually be sold.
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