许家印的23亿美元，藏不住了

Core Viewpoint - The case of Xu Jiayin's family trust highlights the limitations of offshore trusts as a means of asset protection, demonstrating that legal frameworks prioritize creditor rights over perceived asset isolation strategies [3][6][8]. Group 1: Xu Jiayin's Family Trust Breach - Xu Jiayin established a family trust in the U.S. in 2019, funded by over 50 billion RMB in dividends from Evergrande, with a structure designed to ensure wealth transfer to his sons [5][9]. - The Hong Kong court ruled that the trust was not a legitimate asset protection mechanism due to Xu retaining control over key decisions, leading to the classification of the asset transfer as fraudulent [6][9]. - The court's decision was based on principles emphasizing substance over form, anti-fraud measures, and prioritizing creditor protection in debt crises [6][8]. Group 2: Global Asset Recovery Actions - Following the court ruling, a global asset recovery initiative was launched, freezing $7.7 billion in assets across 12 countries, including luxury properties and yachts [11][13]. - The liquidators filed a request in a U.S. court to annul the $2.3 billion family trust based on fraudulent transfer claims, which could challenge the trust's validity under U.S. law [13][14]. - The outcome of the U.S. court's recognition of the Hong Kong ruling will significantly impact the trust's status, with potential implications for Xu's ex-wife, who is also involved in legal disputes over asset division [14][15].