Ding Yumei's Overseas Assets Worth 1.558 Billion RMB Frozen

On November 26, the Hong Kong High Court approved an application by the insolvent EVERGRANDE 中国恒大 to modify a restraining order, allowing the company to initiate legal proceedings against Hui Ka Yan's ex-wife, Ding Yumei, in Jersey, Gibraltar, Canada, and Singapore to enforce the recovery of overseas assets exceeding $220 million (approximately 1.558 billion RMB).

The ruling stems from a "Jurisdiction Variation Summons" filed by EVERGRANDE on September 27, 2024. Under proprietary and Mareva injunctions issued by the Hong Kong High Court on July 29, 2024, EVERGRANDE was initially restricted to taking legal action against Ding Yumei only in Hong Kong, the UK, the Cayman Islands, and the British Virgin Islands.

However, Ding Yumei disclosed in asset filings that she holds multiple assets valued at no less than £150,000 each in the UK, Jersey, Gibraltar, Canada, Singapore, Hong Kong, and mainland China. Consequently, EVERGRANDE's legal teams in Hong Kong and the UK notified banks (and other relevant parties) listed in the affidavit to enforce the freezing of Ding Yumei's accounts under the Hong Kong and UK injunctions.

The court documents reveal that some banks holding Ding Yumei's substantial assets in specified jurisdictions either required local court orders to comply with the injunctions or failed to respond to EVERGRANDE's legal notices.

The Hong Kong High Court found that Ding Yumei's assets in the designated jurisdictions are concentrated and substantial: - CAD 100 million (approx. 503 million RMB) in a Royal Bank of Canada account, - $71 million (approx. 503 million RMB) in a J. Safra Sarasin Bank (Singapore) account, - $57.6 million (approx. 408 million RMB) in assets at UBS (Gibraltar) Ltd., - £675,000 (approx. 6.298 million RMB) in a Barclays Jersey account. The total frozen assets exceed $220 million.