Latest news with #EvergrandeGroup
Yahoo
5 days ago
- Business
- Yahoo
Evergrande's $7 Billion Secret: The High-Stakes Hunt for Hui Ka Yan's Hidden Fortune
Evergrande's collapse isn't yesterday's newsit's entering a make-or-break phase. Liquidators are circling founder Hui Ka Yan, who's still refusing to disclose his personal fortune despite reportedly pocketing over $7 billion during the company's heyday. The next showdown is set for September 2 in Hong Kong's high court, where creditors hope to crack open Hui's holdingsa potential step toward recovering a slice of the group's estimated $45 billion in debt. Evergrande (EGRNF) has already notified plans to delist from the Hong Kong exchange by August 25, marking a symbolic end to its 16-year run as one of China's most ambitiousand now infamousdevelopers. Warning! GuruFocus has detected 3 Warning Signs with RKGXF. This isn't just about Hui. Liquidators are following the money across 3,000 tangled entities, stretching from Guangzhou to Vancouver to London, where Hui's ex-wife reportedly owns $350 million worth of luxury real estate. His former CEO, Xia Haijun, appears to be living comfortably in California, tied to assets worth nearly $500 million. Both have delayed disclosure for over a year, using high-priced lawyers and legal tactics, but cracks are starting to show. Meanwhile, one of Hui's sonswho ran Evergrande's wealth management unitwas reportedly taken into custody last year. The personal network is under pressure, and creditors aren't letting up. But even if they win in court, getting money out of China is another story. Most of Evergrande's value sits onshore, and the legal wall between mainland courts and Hong Kong remains steep. Last year, Chinese regulators accused Hengda Real EstateEvergrande's core property armof faking $78 billion in revenue. The resulting $4.18 billion fine didn't just damage reputationsit likely wiped out more cash that offshore creditors were counting on. Liquidators say they're tracking hundreds of actions across the mainland, but with Hui reportedly under residential surveillance and Chinese authorities staying silent, the road to recovery still looks long. September's hearing could be the turning point. This article first appeared on GuruFocus. Sign in to access your portfolio
Bloomberg
5 days ago
- Business
- Bloomberg
Evergrande Liquidators Target Founder's Assets in Pivotal Stage
More than a year after China Evergrande Group 's liquidators began pursing the wealth of seven key defendants, the high-profile case is now entering a critical phase. So far Hui Ka Yan, the founder of Guangzhou-based Evergrande, has refused to disclose his assets, escalating tensions between him and creditors. That's adding to the challenges for liquidators who are preparing to hone in on the billionaire during a hearing scheduled on Sept. 2.
Yahoo
6 days ago
- Business
- Yahoo
World's most indebted company, China Evergrande, delisted from Hong Kong stock exchange
Evergrande, once China's second-largest property developer and now the world's most indebted company, said on Tuesday it will be delisted from the Hong Kong stock exchange on 25 August. The company, founded in 1996, grew on a wave of debt-fuelled expansion by aggressively borrowing to buy land and build projects. It later diversified into wealth management, electric vehicles, theme parks, bottled water and even a soccer club. Delisting in Hong Kong Evergrande was the world's most heavily indebted real estate developer, with over $300 billion (€257.1bn) owed to banks and bondholders, when the court handed down a liquidation order in January 2024. The court had ruled that the company had failed to provide a viable restructuring plan for its debts, which fuelled fears about China's rising debt burden, and trading of its shares has been halted since the ruling. The Hong Kong stock exchange stipulates that the listing of companies may be cancelled if trading in their securities has remained suspended for 18 months consecutively. China Evergrande Group received a letter on 8 August from the city's stock exchange notifying the firm of its decision to cancel the listing as trading had not resumed by 28 July. The last day of the listing will be 22 August and Evergrande will not apply for a review of the decision, the company said in a statement. 'All shareholders, investors and potential investors of the company should note that after the last listing date, whilst the share certificates of the shares will remain valid, the shares will not be listed on, and will not be tradeable on the Stock Exchange," the statement said. Related Half of trucks produced at Scania's €2bn production site in China will be exported Russian stocks climb ahead of Trump-Putin summit on Friday A trouble-ridden sector Evergrande is among scores of developers that defaulted on debts after Chinese regulators cracked down on excessive borrowing in the property industry in 2020. Unable to obtain financing, their vast obligations to creditors and customers became unsustainable. The crackdown also tipped the property industry into crisis, dragging down the world's second-largest economy and rattling financial systems in and outside China. Once among the nation's strongest growth engines, the industry is struggling to exit a prolonged downturn. House prices in China have continued to fall even after the introduction of supportive measures by policymakers. The Hong Kong court system has been dealing with liquidation petitions against several Chinese property developers, including one of the largest Chinese real estate companies, Country Garden, which is expected to have another hearing in January. China South City Holdings, a smaller property developer, was also ordered to liquidate on Monday. Evergrande, founded in the mid-1990s by Hui Ka Yan, also known as Xu Jiayin, had over 90% of its assets on the Chinese mainland, according to the 2024 ruling. The firm was listed in Hong Kong in 2009 as 'Evergrande Real Estate Group' and suspended its share trading on 29 January 2024, at 0.16 Hong Kong dollars (€0.017). The liquidators said they have assumed control of over 100 companies within the group and entities under their direct management control with collective assets valued at $3.5 billion (€2.99bn) as of 29 January 2024. They said an estimate of the amounts that may ultimately be realised from these entities wasn't available yet. About $255 million (€218.5m) worth of assets have been sold, the liquidators said, calling the realisation 'modest." 'The liquidators believe that a holistic restructuring will prove out of reach, but they will, of course, explore any credible possibilities in this regard that may present themselves,' they said. Hui, Evergrande's founder, was detained in China in September 2023 on suspicion of committing crimes, adding to the company's woes. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Wall Street Journal
6 days ago
- Business
- Wall Street Journal
Bankrupt Property Developer China Evergrande to Delist From Hong Kong Exchange
China Evergrande Group, one of the world's most indebted property developers, will be delisted from the Hong Kong Exchange later this month as it has failed to meet the regulators' listing norms. Last week, the company received a letter from the regulator informing it that the Hong Kong stock exchange listing committee has decided to cancel Evergrande Group's listing, the developer said late Tuesday.
Qatar Tribune
7 days ago
- Business
- Qatar Tribune
Evergrande to delist from Hong Kong exchange
Agencies Chinese embattled property giant Evergrande Group announced on Tuesday that it will delist from the Hong Kong Stock Exchange, following years of crisis. In a filing, the company said the stock exchange's listing committee had decided to cancel its China's most prominent real estate firm, Evergrande, defaulted in 2021 and has become emblematic of a years-long crisis in the country's property market that reverberated throughout the world's second-largest economy.A Hong Kong court issued a winding-up order for Evergrande in January 2024, ruling that the company had failed to propose a debt repayment plan that was acceptable to its shares on the Hong Kong stock exchange were suspended that month. Liquidators have made moves to recover creditors' investments, including filing a lawsuit against PwC and its mainland Chinese arm for their role in auditing the debt-ridden share listing will be cancelled on Aug. 25, according to Tuesday's filing, which was attributed to liquidators Edward Middleton and Tiffany Wong. Middleton and Wong said in an attached progress report that Evergrande's debt load was bigger than the previously estimated $27.5 billion. 'As at July 31, 2025, this claims' discovery exercise had resulted in 187 proofs of debt being submitted, by which claims of approximately HK$350 billion in aggregate have been made,' the document read.
