{"id":5732,"date":"2026-08-21T22:13:44","date_gmt":"2026-08-21T22:13:44","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=5732"},"modified":"2026-08-21T22:13:44","modified_gmt":"2026-08-21T22:13:44","slug":"chinas-onetime-richest-man-has-lost-everything-but-creditors-are-still-owed-300-billion","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=5732","title":{"rendered":"China\u2019s onetime richest man has lost everything but creditors are still owed $300 billion"},"content":{"rendered":"
\n

A court in southern\u00a0China\u2019s\u00a0Guangzhou said Friday it had accepted a bankruptcy liquidation case against\u00a0Evergrande\u2019s\u00a0mainland Chinese property development unit, which according to industry data accounted for much of the group\u2019s overall debt.<\/p>\n

Read more Alex Jones no longer on-the-hook for $50 million owed to Sandy Hook families\u2014but he still has $1.25 billion looming over his head<\/a><\/p>\n

That came a day after a court in the city of Shenzhen\u00a0sentenced\u00a0China Evergrande\u2019s 67-year-old\u00a0founder\u00a0Hui Kan Yan to life in prison for financial crimes. On the same day, dozens of others tied to the group, including Hui\u2019s sons, also were sentenced to prison terms of up to 18 years.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

China takes steps to wrap up the Evergrande saga<\/h4>\n

The latest developments suggest that the Chinese government \u201cmay already have a road map\u201d for wrapping up the Evergrande saga, said Foreky Wong, a founding partner at Fortune Ark Restructuring and a restructuring specialist.<\/p>\n

\u201cThey will need to do these (steps) sooner or later,\u201d he said. However, he added, \u201cEvergrande is such a big company. Its bankruptcy proceedings will last for a while.\u201d<\/p>\n

What remains unclear is how long it will take to get the real estate market, once a main locomotive of China\u2019s economic boom and accounted for approximately a quarter of China\u2019s economy as recent as a few years ago, back on track.<\/p>\n

\n
<\/div>\n<\/div>\n

Evergrande collapsed after Chinese regulators cracked down on excessive borrowing in the real estate industry in 2020. That brought on a\u00a0wave of failures\u00a0of other developers and a prolonged downturn in the housing market. Home prices have fallen roughly 20% or more since 2021 and so far there have been scant signs of a solid recovery. Supply still outstrips demand in many smaller cities, while a\u00a0wider economic slowdown\u00a0is weighing on people\u2019s spending power.<\/p>\n

Creditors may not get much of their money back<\/h4>\n

Once deemed \u201ctoo big to fail,\u201d Evergrande became the world\u2019s most indebted developer. It\u2019s taking years to wind up those debts.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

In 2024, after failing to reach an agreement with its creditors, a Hong Kong court eventually\u00a0ordered the liquidation of\u00a0Evergrande group, its holding company which was listed in Hong Kong and incorporated in the Cayman Islands. Nearly five years after the company\u2019s first default on its debts, industry experts say the liquidation progress will likely be a lengthy one.<\/p>\n

\n
<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n

Hong Kong and mainland China operate under different legal systems and most of Evergrande\u2019s assets are in mainland China, the location of most of its operations. So, Hong Kong court-appointed liquidators have a limited capacity to claw back its assets and help creditors recover what they are owed.<\/p>\n

Read more The AI boom is lifting economies across Asia. But for Southeast Asia, it might just be a \u2018short-term blip\u2019<\/a><\/p>\n

\n
<\/div>\n<\/div>\n

\u201cThere are lots of interesting legal questions thrown up by this PRC (the People\u2019s Republic of China) ruling that will take some time to play out,\u201d said Jonathan Leitch, a partner specialized in restructuring at the law firm Hogan Lovells Cadwalader.<\/p>\n

That includes whether there will be other claims against Hui\u2019s assets competing with claims that the Hong Kong liquidators are pursuing, Leitch said.<\/p>\n

\n
<\/div>\n<\/div>\n

Liquidators and courts are going after Hui\u2019s fortune<\/h4>\n

In announcing the lifetime prison sentence for Hui, who is also known as Xu Jiayin and was at one time said to be China\u2019s richest man, the Shenzhen court ordered that his personal assets be confiscated.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n
\n
<\/div>\n<\/div>\n

Hong Kong-based liquidators from the restructuring firm Alvarez and Marsal have sought to locate and recover the assets of Evergrande, Hui and others tied to the company. A Hong Kong judge earlier prohibited Hui from disposing of his worldwide assets of some $7.7 billion.<\/p>\n

The liquidators also have been\u00a0seeking $8.4 billion\u00a0from accounting firm PwC over its role in auditing Evergrande\u2019s financial statements before its collapse.<\/p>\n

\n
<\/div>\n<\/div>\n

Investigations by authorities in Hong Kong and mainland China found Evergrande had overstated its revenues by roughly $80 billion over 2019 and 2020 by manipulating financial data.<\/p>\n

In 2024, mainland authorities fined PwC, one of the world\u2019s largest accounting firms, around $62 million over its Evergrande audits. Hong Kong authorities said in April that PwC was paying a separate $166 million in fines and compensation.<\/p>\n

Evergrande\u2019s creditors will likely recover a fraction of what\u2019s owed.<\/p>\n

\n
\n
<\/div>\n<\/div>\n<\/div>\n

Wong of Fortune Ark Restructuring expects what while the amounts might be large, they will likely figure in the single digit percentages of Evergrande\u2019s liabilities.<\/p>\n

Read more Leader of Fat Marmot Week fights the budget cut era: \u2018we\u2019re going to be laughing our way down as the Titanic sinks\u2019<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A court accepted a liquidation against\u00a0Evergrande\u2019s property development unit a day after 67-year-old\u00a0founder\u00a0Hui Kan Yan was sentenced to life in prison.<\/p>\n","protected":false},"author":1,"featured_media":5731,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[114],"tags":[],"class_list":["post-5732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-china"],"yoast_head":"\nChina\u2019s onetime richest man has lost everything but creditors are still owed $300 billion - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=5732\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s onetime richest man has lost everything but creditors are still owed $300 billion - Cross Country Moving Team\" \/>\n<meta property=\"og:description\" content=\"A court accepted a liquidation against\u00a0Evergrande\u2019s property development unit a day after 67-year-old\u00a0founder\u00a0Hui Kan Yan was sentenced to life in prison.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/crosscountrymovingteams.com\/?p=5732\" \/>\n<meta property=\"og:site_name\" content=\"Cross Country Moving Team\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-21T22:13:44+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"headline\":\"China\u2019s onetime richest man has lost everything but creditors are still owed $300 billion\",\"datePublished\":\"2026-08-21T22:13:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732\"},\"wordCount\":781,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/f2fe1d8f4884108c2eb252eaef6d44f1.webp\",\"articleSection\":[\"China\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732\",\"name\":\"China\u2019s onetime richest man has lost everything but creditors are still owed $300 billion - Cross Country Moving Team\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/f2fe1d8f4884108c2eb252eaef6d44f1.webp\",\"datePublished\":\"2026-08-21T22:13:44+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732#primaryimage\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/f2fe1d8f4884108c2eb252eaef6d44f1.webp\",\"contentUrl\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/wp-content\\\/uploads\\\/2026\\\/08\\\/f2fe1d8f4884108c2eb252eaef6d44f1.webp\",\"width\":1200,\"height\":600},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?p=5732#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"China\u2019s onetime richest man has lost everything but creditors are still owed $300 billion\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#website\",\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/\",\"name\":\"Cross Country Moving Team\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/#\\\/schema\\\/person\\\/1b8121bfb9a1c55d1fff3fca675fceaa\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"http:\\\/\\\/crosscountrymovingteams.com\"],\"url\":\"https:\\\/\\\/crosscountrymovingteams.com\\\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"China\u2019s onetime richest man has lost everything but creditors are still owed $300 billion - Cross Country Moving Team","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/crosscountrymovingteams.com\/?p=5732","og_locale":"en_US","og_type":"article","og_title":"China\u2019s onetime richest man has lost everything but creditors are still owed $300 billion - Cross Country Moving Team","og_description":"A court accepted a liquidation against\u00a0Evergrande\u2019s property development unit a day after 67-year-old\u00a0founder\u00a0Hui Kan Yan was sentenced to life in prison.","og_url":"https:\/\/crosscountrymovingteams.com\/?p=5732","og_site_name":"Cross Country Moving Team","article_published_time":"2026-08-21T22:13:44+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/crosscountrymovingteams.com\/?p=5732#article","isPartOf":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=5732"},"author":{"name":"admin","@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa"},"headline":"China\u2019s onetime richest man has lost everything but creditors are still owed $300 billion","datePublished":"2026-08-21T22:13:44+00:00","mainEntityOfPage":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=5732"},"wordCount":781,"commentCount":0,"image":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=5732#primaryimage"},"thumbnailUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/08\/f2fe1d8f4884108c2eb252eaef6d44f1.webp","articleSection":["China"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/crosscountrymovingteams.com\/?p=5732#respond"]}]},{"@type":"WebPage","@id":"https:\/\/crosscountrymovingteams.com\/?p=5732","url":"https:\/\/crosscountrymovingteams.com\/?p=5732","name":"China\u2019s onetime richest man has lost everything but creditors are still owed $300 billion - Cross Country Moving Team","isPartOf":{"@id":"https:\/\/crosscountrymovingteams.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=5732#primaryimage"},"image":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=5732#primaryimage"},"thumbnailUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/08\/f2fe1d8f4884108c2eb252eaef6d44f1.webp","datePublished":"2026-08-21T22:13:44+00:00","author":{"@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa"},"breadcrumb":{"@id":"https:\/\/crosscountrymovingteams.com\/?p=5732#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/crosscountrymovingteams.com\/?p=5732"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/crosscountrymovingteams.com\/?p=5732#primaryimage","url":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/08\/f2fe1d8f4884108c2eb252eaef6d44f1.webp","contentUrl":"https:\/\/crosscountrymovingteams.com\/wp-content\/uploads\/2026\/08\/f2fe1d8f4884108c2eb252eaef6d44f1.webp","width":1200,"height":600},{"@type":"BreadcrumbList","@id":"https:\/\/crosscountrymovingteams.com\/?p=5732#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/crosscountrymovingteams.com\/"},{"@type":"ListItem","position":2,"name":"China\u2019s onetime richest man has lost everything but creditors are still owed $300 billion"}]},{"@type":"WebSite","@id":"https:\/\/crosscountrymovingteams.com\/#website","url":"https:\/\/crosscountrymovingteams.com\/","name":"Cross Country Moving Team","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/crosscountrymovingteams.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/crosscountrymovingteams.com\/#\/schema\/person\/1b8121bfb9a1c55d1fff3fca675fceaa","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/50b1ad2e498f523425ee0a8cc5180a210646db1622662a3d56cc405d3e0c346a?s=96&d=mm&r=g","caption":"admin"},"sameAs":["http:\/\/crosscountrymovingteams.com"],"url":"https:\/\/crosscountrymovingteams.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts\/5732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5732"}],"version-history":[{"count":0,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/posts\/5732\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=\/wp\/v2\/media\/5731"}],"wp:attachment":[{"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crosscountrymovingteams.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}