Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Unlock Editor’s Digest for free
Roula Khalaf, editor of the FT, picks her favorite stories in this weekly newsletter.
A British court has allowed property group JLL to manage 33 luxury London apartments owned by the ex-wife of China Evergrande’s co-founder, after her assets were frozen in the wake of the Chinese developer’s collapse.
The US-listed group runs lettings and management services for flats near the River Thames, the ex-wife of property tycoon Hui Ka Yan, once China’s richest man but now detained on suspicion of involvement in “illegal crimes”. . Ding himself lives in a luxury apartment, court filings say.
Judges in London and Hong Kong last year granted an injunction that froze Ding’s assets worldwide, after a liquidator was appointed. Recovery of funds For Evergrande Investors. JLL has told a London court it is no longer willing to manage the property unless it is made clear it has permission to show the filing, a case it has now won.
The case provides a rare window into the normally discreet dealings between property groups such as JLL and wealthy overseas clients hiding their funds in centers such as London. JLL employs more than 100,000 people worldwide in businesses ranging from facilities management to advising on multibillion-dollar commercial real estate deals.
The lawsuit, filed in court by Evergrande’s liquidators, said Ding was “among the principal beneficiaries” “of what is understood to be Biggest financial fraud originated from mainland China.”
JLL and Ding declined to comment.
The liquidators, Alvarez & Marsal restructuring specialists Eddie Middleton and Tiffany Wong, were appointed a year ago when a Hong Kong judge ordered Evergrande’s holding company, listed in the territory, to be wound up.
they are running to claim and sell assets around the world that may enable them to transfer money Return to creditors. The company has more than $20 billion in offshore debt when it defaults in 2021.
Ding owns the apartment on Carnation Way in Nine Elms, south of the Thames River, through five companies registered in the British Virgin Islands, according to court filings. JLL provides leasing and property management services such as flat marketing, setting up lease agreements and leasing, the filing said.
The Financial Times identified seven properties, worth £15.6mn.
A court order issued last month stated that JLL “can make payments only as necessary and on a ‘like-for-like’ basis to cover the cost of insurance and repair, replacement and/or repair of fixtures and fittings. Ground rent and service charges, and utilities. Payment for”, among other things.
Ding contested that court order, saying it was unnecessary and prejudicial to his position in the Hong Kong court proceedings. Evergrande’s liquidators supported JLL’s case, saying: “All parties to the proceedings agree that JLL must continue to provide its services. . . To preserve the value of those properties and ensure they can continue to generate revenue.”
Additional reporting by Chan Ho-him and Chris Cook
