Chinese Tycoon Sues Evergrande Founder for $1.5 Billion

Chinese property tycoon Cheung Chung Kiu has sued China Evergrande Group founder Hui Ka Yan for HK$10.1 billion ($1.5 billion) in alleged unpaid loans, setting up a legal battle over funds that Evergrande’s liquidators say Hui had lent to Cheung.

Cheung, chairman of Hong Kong-listed C C Land Holdings Ltd., claims he lent Hui HK$29 billion under oral agreements between May 2010 and October 2020. Hui allegedly repaid HK$18.65 billion between 2014 and 2020, and acknowledged in a written document that the outstanding balance was HK$10.1 billion as of Nov. 15, 2022.