Zhang Songqiao Sues Xu Jiayin for HK$10.1 Billion Debt Repayment
SingTao · 5 SOURCES1 day ago2 MIN
Summary
C-C Land chairman Zhang Songqiao has filed a lawsuit at Hong Kong's High Court against China Evergrande founder Hui Ka-yin, seeking repayment of HK$10.1 billion in outstanding loans. The legal action represents a counterattack against Evergrande's liquidators, who sued Zhang just days earlier for HK$18.65 billion. Hui Ka-yin, the former tycoon once celebrated in business circles, is currently serving a life sentence in mainland China after being convicted of financial crimes.
Key Points
- Zhang Songqiao, chairman of C-C Land (stock code: 01224), filed suit (HCA 1728/2026) at the High Court seeking HK$10.1 billion from Hui Ka-yin
- From 2010 to 2020, Zhang provided Hui with HK$29 billion in loans under oral agreements; Hui repaid HK$18.65 billion between 2014-2020
- A written confirmation dated November 15, 2022, signed by Hui, acknowledged the remaining debt of HK$10.1 billion
- Evergrande's liquidators previously sued Zhang for HK$18.65 billion, claiming he received payments without providing services or repayment
- Hui Ka-yin was sentenced to life imprisonment by Shenzhen Intermediate Court in August 2026 for fraud-related offences
Why It Matters
This legal confrontation exposes the tangled financial relationships within Hong Kong's elite business networks during China's property boom era. The mutual billion-dollar claims highlight the complexities of unwinding deals made during the industry's expansion, with implications for other creditors seeking recovery from Evergrande's HK$2.5 trillion debt mountain .
This legal confrontation exposes the tangled financial relationships within Hong Kong's elite business networks during China's property boom era. The mutual billion-dollar claims highlight the complexities of unwinding deals made during the industry's expansion, with implications for other creditors seeking recovery from Evergrande's HK$2.5 trillion debt mountain .