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The LeadIn the heart of London's most exclusive neighborhood, a £210m palace stands empty while its only resident lives on the porch. The stark contrast between Britain's most expensive house and its sole occupant—a homeless man named Anders Fernstedt—highlights the growing disconnect between extreme wealth and housing inequality in global cities.The Empty Palace2-8A Rutland Gate is no ordinary house. With 45 rooms, four lifts, an indoor pool, and 116 windows (68 of which overlook Hyde Park), it's more accurately described as a palace. When it last changed hands in 2020, it became Britain's most expensive property, selling for £210m. Yet despite its staggering value and prime location in Knightsbridge, the property has remained vacant for years, its marble bathrooms and gold-leaf decorations gathering dust while Fernstedt lives in a makeshift tent on the porch.The Porch DwellerAnders Fernstedt has called the porch of this luxury property home for the past three years. His makeshift shelter, constructed mainly from umbrellas, is filled with personal belongings—baskets, books, newspapers, teddy bears, games, bicycles, and flowers. Despite the grandeur just feet away, Fernstedt must use a plastic bottle for bathroom needs, joking about 'Everest base camp problems.' His presence creates a powerful visual metaphor for the housing crisis in one of the world's wealthiest cities.The Ownership PuzzleThe property's ownership history is as complex as its architecture. Originally a row of terrace houses, they were purchased by Lebanese billionaire Rafik Hariri in the early 1980s and converted into a single palace. After Hariri's assassination in 2005, the property went to Saudi Crown Prince Sultan bin Abdul Aziz. Following his death in 2011, the house was sold again in 2020 to a company registered in the British Virgin Islands, reportedly owned by Chinese billionaire Hui Ka Yan, founder of the property giant Evergrande.The Global Property MarketThis story reflects broader trends in global real estate. Research shows that over the past decade, the value of offshore residential property in England and Wales has increased from £64bn to £80bn. London serves as the hub, with 47,000 overseas-owned residential properties—45% of the total and 81% by value. Half of this total value is concentrated in just two local authorities: Westminster (34%) and Kensington and Chelsea (16%), where Rutland Gate is located.The Uncertain FutureThe current status of the property remains uncertain. After Evergrande's collapse in 2024 and Hui's guilty plea to fraud charges, the house's ownership has become entangled in legal complications. While the property was reportedly transferred to Hui's ex-wife Ding Yumei, her assets have been frozen, preventing any sale. Meanwhile, the luxury palace continues to sit empty, its potential as a home unrealized, while its porch remains occupied by a man with nowhere else to go.

Evergrande's billionaire boss, Hui Ka Yan, has pleaded guilty to fraud charges after the collapse of the world's most indebted property developer. Hui, a former steelworker who rose to become one of China's richest people, pleaded guilty to charges including fundraising fraud, misuse of funds, and illegally taking public deposits.The property group has defaulted on most of its $300bn liabilities since 2021, emblematic of China's property sector woes that have long dragged on economic growth. Evergrande's failure to repay billions of dollars of wealth management products unleashed frustration among the lower and middle classes, many of whom had investments wiped out, provoking protests and threatening social stability.Hui and the company also face charges of illegally extending loans, fraudulently issuing securities, and bribery by units, with verdicts to be handed down later. The maximum penalties for illegal fundraising include jail for life and confiscation of property, while bribery can also bring life terms.In 2024, China's securities regulator fined Hui $6.6m and barred him from the securities market for life, after finding Evergrande's leading business had inflated earnings and committed securities fraud. Hui's net worth was estimated at $45.3bn in 2017, but dropped to $3bn by 2023.