Tycoon Cheung Chung-kiu sues Evergrande founder Hui Ka-yan for HK$10.1bn unpaid loans
Hong Kong tycoon Cheung Chung-kiu has sued China Evergrande founder Hui Ka-yan for HK$10.1 billion in unpaid personal loans plus interest and costs. The High Court writ details verbal loan agreements totalling HK$29 billion from 2010 to 2020, with Hui acknowledging the outstanding balance in 2022.
Prominent businessman Cheung Chung-kiu, chairman of C C Land (1224), has filed a lawsuit in the High Court against China Evergrande founder Hui Ka-yan, seeking to recover HK$10.1 billion in outstanding personal loans plus interest and legal costs.
According to a writ of summons issued on Thursday, the two business figures, described in the statement of claim as long-time friends, entered into multiple verbal loan agreements between May 2010 and October 2020. At Hui’s request, Cheung advanced a cumulative total of HK$29 billion, which was repayable on demand.
Court documents show that Hui made several repayments totalling HK$18.65 billion between 2014 and 2020. On November 15, 2022, Hui signed a written confirmation acknowledging that he owed Cheung a net remaining balance of HK$10.1 billion.
Represented by law firm Woo Kwan Lee & Lo, Cheung is demanding the immediate settlement of the HK$10.1 billion debt, along with court-determined interest and legal costs. Under court rules, Hui has 14 days from the service of the writ to respond or indicate whether he intends to contest the proceedings.
The legal action follows a related lawsuit filed on September 30, in which Evergrande liquidators and receivers for Hui's assets—acting on behalf of Hui and his vehicle Xin Xin (BVI) Limited—sued Cheung and former Evergrande Auto executive Jiang Dalong for over HK$19.15 billion.
Separately, Hui was sentenced to life imprisonment by the Shenzhen Intermediate People's Court in August 2026 for financial fraud and asset misappropriation, with the court ordering the confiscation of all his personal assets.