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Evergrande Liquidators’ Move to Recover Founder’s Assets
September 3, 2025
Liquidators of China Evergrande have asked a Hong Kong court to appoint receivers to trace and safeguard founder Hui Ka Yan’s global assets, as they attempt to recover $6bn in dividends and remuneration paid to him and former executives. Hui, detained by Chinese authorities since 2023, has refused court orders to disclose his assets, despite receiving $4.2bn in dividends between 2017-20. His ex-wife, also a defendant, is said to be linked to about $1bn in assets. Evergrande, once China’s largest developer, defaulted in 2021 and collapsed with over $300bn in liabilities. It was ordered into liquidation in 2024 and was recently delisted from the Hong Kong exchange. So far, liquidators have recovered only $255mn versus $45bn in creditor claims. With the court set to rule on December 2, lawyers expect the liquidation to stretch over a decade with very low recovery rates.
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