The High Court has ordered Birmingham City Football Club owner Carson Yeung Ka-sing to vacate and hand over a HK$300 million property on The Peak to a bank within 56 days after he failed to repay a loan.
The court heard the tycoon mortgaged his luxury house on Barker Road to Wing Hang Bank in 2010 for HK$50 million.
Yeung, 51, who is involved in a HK$700 million money-laundering case, is scheduled to appear in court in November.
Defense counsel told High Court Master Brian Luiz de Souza yesterday that Yeung is unable to repay the HK$50 million because the Department of Justice has frozen his assets.
The court heard the house is also co-owned by Yeung's mother.
Defense counsel asked for the handing over of the property to be delayed but this was refused.
Yeung also faces having to pay the interest generated on the loan.
He earlier told the court that a bank manager allowed him to delay the mortgage repayments as his assets were frozen due to the alleged money laundering that is said to have occurred between 2001 and 2007.
He is free on bail of HK$11 million.
Birmingham International Holdings announced last night that former England footballer Steve McManaman and Yang Yuezhou have resigned as executive directors. The latter was also deputy chairman.