Ex-Wife of Evergrande Founder Xu Jiayin Has $220 Million Assets Frozen by Hong Kong High Court, Affecting Bank Accounts in Canada and Singapore

The Hong Kong High Court has expanded the scope of a freezing order against Ding Yumei, the ex-wife of EVERGRANDE founder Xu Jiayin, covering approximately $220 million (RMB 1.558 billion) in assets held in Canada, Gibraltar, Jersey, and Singapore. The ruling was issued by Justice Russell Coleman on November 26 following an application by EVERGRANDE's liquidators.

Court documents reveal that Ding must disclose her assets, which include: - CAD 100 million (RMB 503 million) in a Royal Bank of Canada account, - $71 million (RMB 503 million) in a Jiasheng Laibao Bank Singapore Ltd. account, - $57.6 million (RMB 408 million) in a UBS (Gibraltar) Ltd. account, and - GBP 675,000 (RMB 6.298 million) in a Barclays Jersey account.

EVERGRANDE's legal team accused Ding of adopting a "generally uncooperative attitude" toward legal proceedings in Hong Kong and the UK. They cited her sudden reversal on the disposal of a Hong Kong property, refusal to provide details on the Singapore account redemption, and obstruction of compliance checks on a Canadian Imperial Bank of Commerce account.

Ding’s lawyers argued that she had no intention of dissipating assets and claimed the application would impose excessive cross-border legal costs, constituting undue pressure. They also requested awaiting the outcome of her prior application to lift the freeze.

The Hong Kong High Court initially froze Ding’s assets in 2024, followed by a similar UK court order. However, several banks, including those in Canada and Singapore, stated that local court orders were required to enforce freezes, as Hong Kong or UK rulings alone were insufficient.

The court ruled that allowing EVERGRANDE's liquidators to seek complementary orders in these jurisdictions was necessary to prevent asset transfers and ensure the freeze’s effectiveness. The authorization was strictly limited to the four specified regions and did not permit new substantive claims or remedies beyond the existing freeze.