On March 18th (Tuesday), the Hong Kong High Court rejected two applications from Ding Yumei, the former wife of China Evergrande’s founder Xu Jiayin. The applications included requests for closed-door hearings and amendments to the asset freeze order. The judge criticized Ding Yumei for attempting to confuse and delay the litigation. It was revealed that court documents mentioned Ding Yumei living with two minor children and two minor grandchildren, sparking attention as public records indicate her two sons are already adults.
In January 2024, the Hong Kong High Court ordered the liquidation of Evergrande and appointed Edward Simon Middleton and Wing Sze Tiffany Wong as liquidators. The liquidators are seeking around HK$46.8 billion in dividends and remuneration from Xu Jiayin, Ding Yumei, and others.
Subsequently, the Hong Kong High Court issued a global asset freeze order, prohibiting them from dealing with approximately HK$60 billion worth of global assets, including Ding Yumei’s bank deposits in the UK and a luxury apartment in London.
Last month, Ding Yumei filed two applications with the Hong Kong High Court.
Ding Yumei applied to amend the asset freeze order, seeking exemptions for certain assets, and requested a closed-door hearing, citing that a public trial could impact her life and reputation.
According to reports by the financial media “Financial Afternoon Tea,” two pieces of information in the legal documents disclosed in this Hong Kong High Court case caught attention.
Firstly, among Ding Yumei’s many reasons for requesting a closed-door hearing was the fact that she is currently living with her two minor children and two minor grandchildren. Ding Yumei believes that judicial transparency does not necessarily mean disclosing her private life and asset details. A public hearing could harm her reputation and affect the lives of her two minor children and two minor grandchildren.
The legal documents do not disclose information about the parents of Ding Yumei’s two minor children and two minor grandchildren.
According to previous public records, Xu Jiayin and Ding Yumei got married in 1983 and had two sons, Xu Zhijian, and Xu Tenghe, both of whom are now adults.
The Hong Kong court ultimately rejected Ding Yumei’s application, only exempting the assets in one of her accounts from the freeze, while her other requests were not supported.
Judge Gao Haowen stated in the judgment that the Evergrande liquidation case involves public interest. To ensure transparency and judicial fairness in the liquidation process, the case must be publicly tried. He emphasized that judicial transparency is an important principle to protect the public’s right to know and hence denied her application for a closed-door hearing.
Judge Gao Haowen further pointed out that some of Ding Yumei’s requests fall within the scope of a British court injunction and should not be handled by the Hong Kong court. He directly indicated that Ding Yumei’s applications were an attempt to create confusion and delay the litigation process. He also stressed that the injunction itself specified that she must disclose the latest information about her assets.
The rejection of Ding Yumei’s application means she must continue to comply with the asset freeze order and face the public trial proceedings.
It is worth noting that the Evergrande liquidators are pursuing assets globally.
In September 2023, Xu Jiayin was taken coercive measures for alleged illegal activities. In May 2024, the Securities and Futures Commission penalized him in the Evergrande real estate bond fraud case, banning him from the securities market for life.
Ding Yumei is Xu Jiayin’s former wife. Market analysts previously believed that before the incident, Xu Jiayin and Ding Yumei had a “technical divorce,” through which Ding Yumei could financially separate from Xu Jiayin and evade debt.
According to the Daily Economic News, it was learned from informed sources that before Xu Jiayin was coercively taken in 2013, his second son, Peter Xu, had already been taken away, while Ding Yumei was “overseas.” Ding Yumei holds a Canadian passport. In February 2024, she filed an appeal with the Hong Kong High Court against Xu Tenghe, Xu Jiayin’s second son, claiming over HK$1 billion.
Ding Yumei is said to own $285 million worth of properties worldwide. Her properties are spread across Canada, the UK, including one of the most expensive mansions in London.
In September 2024, a UK court froze her assets, allowing her a maximum monthly living allowance of £20,000 and lawyer fees.
The Evergrande liquidation process is ongoing, with the Hong Kong court approving the sale of Xu Jiayin’s “ancestral home,” and his private jet has been listed for sale.