China Evergrande Liquidators Seek Over $2 Billion From Former Business Partners
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Liquidators of China Evergrande Group, who are also receivers of founder Hui Ka Yan’s assets, have filed lawsuits in Hong Kong seeking HK$19.15 billion ($2.44 billion) from two of his former business associates.
The larger claim, filed against Cheung Chung Kiu, chairman of Hong Kong-listed C C Land Holdings Ltd., seeks at least HK$18.65 billion.
The plaintiffs allege Hui and his offshore vehicle Xin Xin (BVI) Ltd. transferred the funds to Cheung between 2014 and 2020 as loans, in expectation of repayment or in exchange for benefits. They say Cheung, also known as Zhang Songqiao in Mandarin, failed to repay the money or provide corresponding value.
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