Evergrande Liquidators Seek Court-Appointed Receivers to Track Founder’s Assets
Hong Kong, 3 September (Kiran News): Liquidators overseeing the collapse of China Evergrande Group have petitioned a Hong Kong court to appoint receivers to identify and secure the global assets of founder Hui Ka Yan, citing his refusal to disclose his property holdings worldwide.
The request is part of ongoing efforts to recover roughly $6 billion in dividends and remuneration paid to Hui and former executives, amid attempts to freeze their offshore assets. Hui’s ex-wife, Ding Yumei, is also being targeted in the lawsuits, with claims she could control up to $1 billion in assets.
Evergrande, once China’s largest property developer, defaulted on debt in 2021 and was ordered into liquidation by a Hong Kong court earlier this year, with more than $300 billion in liabilities. The company was delisted from the Hong Kong stock exchange last week.
At Tuesday’s court hearing, High Court Judge Herbert Au-Yeung said a decision on appointing receivers would be issued on December 2. Hui’s legal team opposed the application, arguing the risk of asset dissipation is low as Hui remains imprisoned in China and has not been seen publicly since 2023.
Liquidators say they have so far recovered only about $255 million from offshore asset sales, compared to creditor claims totaling $45 billion. Legal experts estimate that the liquidation and recovery process could take a decade, with a very low recovery rate for creditors.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
