许家印家族信托“防火墙”被击穿，23亿美元藏不住了！

Core Insights - The recent Hong Kong High Court ruling has significantly impacted Xu Jiayin's offshore family trust, which was designed to protect his wealth from corporate risks and debt disputes [1][2][3] - The court's decision allows liquidators to take control of Xu's assets, including those held in the family trust, leading to a global asset recovery effort [1][3] Group 1: Family Trust Structure - Xu Jiayin and his wife established a $2.3 billion family trust in the U.S. in 2019, funded by over 50 billion RMB in dividends from Evergrande between 2009 and 2022 [2] - The trust was intricately designed to ensure wealth transfer, with the eldest son, Xu Zhijian, only able to receive income while the principal remains untouched for future generations [2] - The second son, Xu Tenghe, did not receive the same trust arrangement and is currently under investigation due to the Evergrande crisis [2] Group 2: Legal Implications - The court emphasized that the substance of control over assets is more important than the formal structure of the trust, indicating that if the grantor retains control, it is not a true independent trust [3] - The ruling also invoked the principle of "anti-fraud," stating that debtors cannot use trusts to shield wealth while owing significant debts [3] - Following the ruling, liquidators initiated a global asset recovery operation, targeting $7.7 billion in assets across 12 countries, including luxury properties and yachts [3] Group 3: U.S. Legal Proceedings - Liquidators have filed a request in a Delaware court to void the $2.3 billion family trust based on fraudulent transfer claims, which is now in the evidence exchange phase [5] - The effectiveness of the trust may be challenged in U.S. courts, depending on the recognition of evidence submitted by Hong Kong liquidators [5]