许家印家族信托“失灵”，23亿美元财产有望被追回

Core Viewpoint - The Hong Kong High Court has appointed a liquidator to oversee the assets of Xu Jiayin, the founder of China Evergrande Group, allowing for a comprehensive review of his wealth structure and freezing seven related bank accounts [1][2]. Group 1: Legal Developments - The court's decision marks a historic ruling regarding Xu Jiayin's family trust, permitting the liquidator to take control of assets held through offshore family trusts [1]. - The ruling indicates that the family trust, often seen as a protective measure for high-net-worth individuals, has been deemed ineffective in this case [2]. Group 2: Financial Misconduct - In 2019, Evergrande reported a contract sales figure of 601.1 billion yuan, but subsequent investigations revealed that the company inflated its revenue and profits through improper accounting practices, with 2019 showing a revenue inflation of 213.99 billion yuan, constituting 50.14% of total revenue [3][4]. - The inflated profits allowed Xu Jiayin's family to receive approximately 14.2 billion yuan in dividends, despite the underlying financial issues [4]. Group 3: Trust Structure and Control - Xu Jiayin established a family trust in the U.S. with a value of 2.3 billion USD, intending to secure wealth for his descendants while maintaining control over the assets [4]. - The court found that the trust's design failed to effectuate a genuine transfer of control, as Xu Jiayin retained significant decision-making power, undermining the trust's legitimacy [5][6]. Group 4: Ongoing Investigations and Asset Recovery - The liquidator is actively pursuing asset recovery from Xu Jiayin's ex-wife and former executives, aiming to reclaim approximately 6 billion USD from misreported dividends and compensation [7]. - Legal actions have led to global asset freezes against Xu Jiayin's ex-wife, with ongoing scrutiny of her financial disclosures and asset holdings [8].