A Hong Kong court has ordered China Evergrande Group chairman Hui Ka Yan—whose name is Xu Jiayin in Mandarin—to relinquish control of his worldwide assets to the property developer’s court-appointed liquidators, intensifying a complex, years-long effort to recover billions for creditors, reports Caixin. According to a court document dated Sept. 16, the High Court designated Tiffany Wong and Edward Simon Middleton of Alvarez & Marsal Inc. as receivers for all of Hui’s personal assets and as managers of his business interests. The ruling also appointed a legal supervisor to oversee the enforcement of the order.
This decision follows a Jan. 29, 2024, liquidation order against Evergrande, issued more than two years after the property giant defaulted on offshore debts. The new move strengthens liquidators’ legal tools as they attempt to track and secure the scattered wealth of one of China’s most controversial tycoons.
The receivership gives the liquidators power to investigate and control assets tied to Hui—including those held in a maze of offshore trusts and shell companies—amid growing concerns that the billionaire may be concealing wealth from creditors. The court found that Hui had completely failed to comply with a June 2024 asset-freeze injunction and disclosure order that applied to holdings over HK$50,000 ($6,426).