Evergrande's Former Ally Zhang Songjiao Sues Liquidators to Recover HK$10.1 Billion
nashnova research
Zhang Songjiao (張松橋) sued Evergrande's liquidators in Hong Kong's High Court to recover HK$10.1 billion he says Hui Ka Yan owed him — days after the liquidators sued Zhang over HK$18.7 billion in fund transfers, setting up a direct courtroom standoff that complicates an already stalled liquidation.
What is Zhang trying to recover?
Court filings show Zhang lent Hui Ka Yan (許家印) a total of HK$29 billion (about US$3.7 billion) between 2010 and 2020.
Of that, HK$18.7 billion was repaid through a series of transactions. The remaining HK$10.1 billion is still outstanding.
Hui confirmed the debt in writing on November 15, 2022. This means → Zhang holds a signed acknowledgment — his single strongest piece of evidence.
Why did the liquidators sue Zhang first?
Evergrande's liquidators filed suit against Zhang days earlier, targeting roughly HK$18.7 billion in transactions.
The liquidators' argument: transaction records show Hui transferred funds into Zhang's accounts between 2014 and 2020. In plain terms = the liquidators believe the money was Evergrande assets flowing out, and they want it clawed back for creditors.
Zhang's countersuit flips the narrative — he says the HK$18.7 billion was Hui repaying personal loans. Same money, two opposing stories. The court must decide which version holds.
How were these two connected?
Zhang and Hui were both members of an elite poker circle called the "Big Two Club" and collaborated on multiple deals before Evergrande collapsed.
This reflects a pattern typical of the Evergrande era: billions moved on personal relationships and oral promises, not formal corporate loan agreements.
Hui has since been sentenced to life in prison for fraud. This means → he cannot testify or negotiate repayment in person; every recovery effort now runs through the liquidation process.
Where does the overall Evergrande liquidation stand?
Creditor claims against Evergrande total roughly US$45 billion. As of last August, the liquidators had recovered only about US$255 million.
In plain terms = the recovery rate sits below 0.6% — most creditors have received virtually nothing.
The liquidators are steadily widening their net — in 2024 they froze assets belonging to Hui's ex-wife and several former executives. The Zhang case is the latest front in that campaign.
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