Evergrande liquidators filed two lawsuits in the name of Xu Jiayin with the Hong Kong High Court on September 30 to recover a total of HK$19.15 billion from two wealthy businessmen, Jiang Dalong and Zhang Songqiao.
According to reports from various media outlets including “Hong Kong 01” on October 2, the liquidators of China Evergrande, as well as Xu Jiayin’s asset manager, Du Aidi and Huang Yongshi, filed two lawsuits with the Hong Kong High Court on September 30 on behalf of Xu Jiayin. The lawsuits were aimed at recovering debts from Zhang Songqiao, dubbed the “Chongqing Li Ka-shing,” and Jiang Dalong, a former business partner of Evergrande Auto, with a total amount involved approximately HK$19.15 billion.
The court documents showed that between 2014 and 2020, Xu Jiayin and his related offshore company XIN XIN (BVI) LIMITED made eight payments to Zhang Songqiao totaling at least HK$18.65 billion. The plaintiffs stated that Xu Jiayin and XIN XIN made these payments to Zhang Songqiao in exchange for certain returns or in the hope that Zhang Songqiao would repay the funds. However, Zhang Songqiao never repaid the money or provided any returns, without having any legitimate reason for receiving these payments. Therefore, the plaintiffs are now suing to recover the funds.
In another lawsuit, Xu Jiayin had paid Jiang Dalong HK$500 million for business advice, but Jiang Dalong failed to provide the services. The court documents alleged that Jiang Dalong had unjustly benefited from breaching the contract, dereliction of duty, false statements, or negligence, prompting the plaintiffs to seek compensation and related interest from him.
As of now, Xu Jiayin, the former richest man in China and founder of Evergrande, was sentenced to life imprisonment on August 20, 2026, with all his personal assets confiscated. The illicit gains will continue to be confiscated, and any shortfall will be ordered to be repaid.
However, some analysts pointed out that the court’s decision did not address the most pressing issue: in dozens of cities in China, millions of homeowners still face unfinished and dilapidated properties. The properties have not been delivered, yet mortgage payments are still due monthly. For those who are truly suffering losses, their fate remains unchanged despite the court’s ruling.