Liquidators of China Evergrande, once the country’s largest property developer, have asked a Hong Kong court to appoint receivers to identify and preserve the assets of founder Hui Ka Yan, who has not disclosed his worldwide properties, reports Reuters. The move is the liquidators’ latest effort to recover $6 billion in dividends and remuneration paid to Hui and other former executives, as they fight court battles to freeze offshore assets of the founder and his former spouse, among others.
Evergrande, the most high-profile casualty of China’s prolonged property crisis, began defaulting on some of its bonds in 2021 and collapsed with more than $300 billion in liabilities.
It received a liquidation order from a Hong Kong court in 2024, and was kicked off the Hong Kong stock exchange last week in one of the largest delistings by market value and volume in recent years, marking an end to what’s been a tumultuous boom-and-bust saga for its investors.