【Epoch Times, 2 September 2025】Last Monday, on August 25th, the Chinese real estate giant Evergrande was delisted from the Hong Kong Stock Exchange, leaving behind a massive amount of debt. The latest news indicates that Evergrande’s liquidators have requested the appointment of receivers by the Hong Kong High Court to review the personal assets of founder Xu Jiaying. They are also seeking to recover $6 billion in dividends and bonuses from multiple defendants, including Xu Jiaying.
According to Bloomberg, during a court hearing on September 2nd in Hong Kong, the liquidators focused on targeting Xu Jiaying, the founder of Evergrande group, seeking court support to clarify Xu Jiaying’s personal assets to compensate for $6 billion (HKD 46.8 billion) in dividends and bonuses owed, which were paid by Evergrande according to the “allegedly misreported financial statements” between 2017 and 2020.
If the liquidators successfully persuade the court to order the disclosure of assets belonging to Xu Jiaying and others, assets equivalent to about one-eighth of Evergrande’s preliminary estimated total debt ($45 billion) may come to light. The liquidators have been meticulously reviewing documents and examining thousands of entities related to Evergrande, in search of potential ways to recover funds.
Additionally, according to a report by Hong Kong media Sing Tao Daily on September 2nd, the Hong Kong High Court has issued an order to freeze the global assets totaling HKD 60 billion under the names of Xu Jiaying and others. Simultaneously, an asset disclosure order was issued, but Xu Jiaying has consistently refused to comply with the asset disclosure order.
In response, Evergrande’s liquidators have applied to the High Court to appoint two receivers to investigate, handle, and disclose Xu Jiaying’s assets. While Xu Jiaying vehemently opposes the liquidators becoming receivers, he acknowledges not complying with the asset disclosure order and agrees with the court’s authority to appoint receivers. Judge Ouyang Haorong stated that the court has the authority to authorize receivers to handle Xu Jiaying’s assets, considering the arguments from both sides, and a written judgment is expected to be issued by December 2nd.
Since Evergrande faced debt defaults in 2021, the Hong Kong High Court formally ordered the liquidation of Evergrande in early 2024, appointing Edward Middleton and Wong Wing-sze of Alvarez & Marsal as the liquidators.
On August 25 of this year, Evergrande was officially delisted from the Hong Kong Stock Exchange, marking the end of its 16-year listing journey on the Hong Kong stock market.