可处置账面资产不足100亿，恒大清盘进入实质阶段

Core Viewpoint - The Hong Kong High Court has made a significant ruling regarding the liquidation process of China Evergrande Group, stating that only statutory creditors can participate or become supervisors in the liquidation, excluding economic interest holders. This ruling pushes the liquidation into a substantive phase, but debt repayment remains uncertain due to limited asset scale, cross-border disposal challenges, and creditor negotiations [1]. Group 1: Liquidation Process - The liquidators have identified that China Evergrande has less than 10 billion yuan in disposable assets, primarily including Evergrande Property (approximately 5 billion HKD), Evergrande Auto (less than 1 billion HKD), and other investments [1]. - The assets are spread across multiple jurisdictions, including Hong Kong, mainland China, and the Cayman Islands, with some being difficult to liquidate due to mortgages, seizures, or legal disputes [1]. Group 2: Personal Assets of Xu Jiayin - Xu Jiayin, the actual controller of Evergrande, holds nearly 60% of the company's shares, making his personal asset status crucial for creditors seeking repayment. However, he has expressed a reluctance to disclose his personal assets [5][6]. - Legal actions are being taken against several defendants, including Ding Yumei, to recover approximately 6 billion USD in dividends and salaries, while Ding claims Xu owes her 33 billion HKD (approximately 4.2 billion USD) [5]. Group 3: Legal Proceedings and Asset Recovery - The liquidators have been pursuing asset recovery through various legal measures, including global asset freezing orders against Ding Yumei and others to recover around 6 billion USD [8]. - The Hong Kong High Court has approved the sale of Xu Jiayin's property in Hong Kong to repay some debts, and an offshore entity holding his private jet has been taken over for sale [8]. Group 4: Oak Tree Capital's Involvement - Oak Tree Capital is attempting to recover Evergrande's assets outside the Hong Kong liquidation process by appointing its own liquidators to pursue assets owned by Evergrande's offshore subsidiaries [11]. - The firm previously provided 1 billion USD in guaranteed loans to Evergrande, with significant collateral tied to specific properties, indicating a vested interest in the asset recovery process [13].