Hong Kong Court Denies Evergrande Founder Access to Assets for Legal Fees
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Hong Kong Court Denies Evergrande Founder Access to Assets for Legal Fees
- A Hong Kong court recently rejected an application by lawyers for Hui Ka Yan, founder of China Evergrande Group, to use HK$1.2 million (approximately $153,040 USD) of his assets, currently under receivership, to cover his legal expenses.
- This denial follows Hui Ka Yan's sentencing to life imprisonment on August 20, 2026, by a mainland Chinese court for various financial crimes, including fraud and bribery.
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On September 2, 2026, a Hong Kong court denied a request from the legal team representing Hui Ka Yan, the founder of China Evergrande Group, to access approximately HK$1.2 million ($153,040 USD) of his assets to pay their legal bills. The assets in question are currently under receivership. Hui’s lawyers argued that their client, who was sentenced to life in prison in August 2026, is unable to communicate with them or discuss his assets, leaving them without a direct means to seek payment for their services.
Hui Ka Yan was convicted on August 20, 2026, by the Shenzhen Intermediate People’s Court in mainland China for multiple financial crimes, including large-scale financial fraud, inflating Evergrande’s assets, concealing liabilities, and bribery. The court ordered the confiscation of all of Hui’s personal property. This sentencing marked a significant development in the ongoing saga of Evergrande, a company that was once China’s second-largest property developer by sales and became heavily indebted.
The collapse of Evergrande, which defaulted on over $300 billion in liabilities, began around 2021 after Chinese authorities introduced regulations to curb excessive borrowing in the real estate sector. The company was ordered to liquidate its assets in Hong Kong in January 2024. Liquidators have been actively pursuing Hui’s worldwide assets, estimated at around $7.7 billion, to compensate creditors. The recent court decision in Hong Kong highlights the complexities faced by liquidators and creditors in recovering funds amidst the legal proceedings against Hui Ka Yan in both mainland China and Hong Kong.