Homes of Hui's ex may be seized

China Evergrande (3333) founder Hui Ka-yan's ex-wife owns over US$285 million (HK$2.23 billion) worth of properties across the world, which may be seized for the benefit of creditors.

A 47th-floor condominium offering stunning floor-to-ceiling views of the Pacific coast mountains and Vancouver Harbour is one example - this particular unit jointly owned by the son of Hui Ka-yan, the billionaire founder and chairman of the failed developer China Evergrande Group.

The Vancouver condominium is one of many global properties held by Ding Yume. The homes, from Canada to the UK, include one of the most expensive mansions in London.

As liquidators in Hong Kong scour the globe for assets tied to the world's most indebted developer, Ding's properties are at risk of being seized or sold to repay creditors. Courts in Hong Kong and London granted worldwide asset freeze injunctions against Ding in July, part of wider efforts to recover US$6 billion from her, Hui, and former Evergrande executives.

"It could set the foundation for other future actions, which the liquidators may bring to recoup assets for the benefit of creditors," said Daniel Margulies, a partner at the Dechert law firm in Hong Kong who specializes in cross-border restructuring and insolvency.

Staff reporter and Bloomberg