The High Court appoints the liquidator of Evergrande as the asset custodian for Xu Jiayin

According to a report by Bloomberg, the Hong Kong High Court today (16th) appointed a liquidator for EVERGRANDE as the receiver of the company's founder Xu Jiayin's assets.

The receiver will identify, protect, and preserve the assets under the injunction; the injunction prohibits Xu Jiayin from disposing of his global assets valued at $7.7 billion. The court also appointed Keith Ho from Gallant Law Firm as the "supervising lawyer."

The judgment states that the receiver must report regularly to the "supervising lawyer." The judge also added that "there is no doubt that Xu Jiayin has not complied with the asset disclosure order." The court had previously required Xu Jiayin to disclose all assets valued at HKD 50,000 and above