The Hong Kong High Court in January ordered liquidation of the world’s most indebted property developer. | Photo: Bloomberg
A British court has allowed the former wife of China Evergrande’s founder to spend up to $26,180 per month from her frozen assets, following a case brought by the property developer’s liquidators, Bloomberg News reported on Wednesday.
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The troubled developer’s liquidators are pursuing legal action to recover approximately $6 billion from seven defendants, including founder Hui Ka Yan’s former spouse Ding Yumei, and former executives, with injunctions already secured against three of them.
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The Hong Kong High Court in January ordered liquidation of the world’s most indebted property developer, which has over $300 billion in liabilities and failed to present a viable restructuring plan for its $23 billion offshore debt.
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As part of a broader effort to reclaim approximately HK$2.8 billion ($359 million) in dividends paid to Ding through her wholly-owned companies between 2018 and 2020, the UK court has permitted her monthly living expenses and legal fees up to £350,000, while pursuing recovery actions, Bloomberg said.
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She resides in an upscale London apartment within Thames City, a development project by CC Land Holdings Ltd. Notably, CC Land Holdings is chaired by Cheung Chung Kiu, a long-standing friend of Hui, Bloomberg said.
First Published: Sep 11 2024 | 9:59 AM IST