Evergrande Liquidators' Second Report: Only HK$3.4 Billion Recovered in Two and a Half Years
China Evergrande Group's (in liquidation) liquidators published their second progress report on October 22, covering major developments from August 1, 2025 to September 30, 2026, the National Business Daily reported on October 23.
As of September 30, 2026, the liquidators had recovered a cumulative total of about HK$3.4 billion (approximately US$435.9 million) from group assets, and had received 200 proofs of debt claiming a total of about HK$360 billion (approximately US$46 billion). The liquidators said they aim to declare a first interim distribution in the first half of 2027, though the rate is undecided.
The asset disposal list features a striking art collection: more than a hundred artworks — including pieces by Picasso, Monet and Andy Warhol — were found piled in a storeroom at Evergrande's former Hong Kong headquarters. An Evergrande subsidiary bought the collection over about 18 months starting March 2016 at a total cost of about HK$1.3 billion. Of the 107 pieces taken over by the
liquidators, 96 have been sold through Sotheby's for a net recovery of HK$225 million — sold at a loss overall.
Harder to sell than the paintings is an Airbus A319 private jet parked in Guangzhou: no longer airworthy since 2023 and owing more than HK$50 million in management and related fees. The liquidators have found a prospective buyer and expect to complete the sale in the fourth quarter, with a net recovery of about US$12 million.
The report also discloses a prepayment of about HK$111 million (US$14.3 million): in February 2020, Evergrande, the Guangzhou Institute of Respiratory Health and a U.S. university signed a letter of intent to form a joint research working group. By July 2021, about US$11.1 million had been used and US$3.2 million remained unused. After analysis and legal advice, the liquidators believe Evergrande is entitled to reclaim US$2 million of the prepayment, have written to the university demanding it, and the two sides are negotiating a settlement. The National Business Daily noted the university appears, based on public information, to be Harvard University.
The report says Xia Haijun, Evergrande's former CEO, moved to the United States in 2022, initially refused entirely to disclose his assets, and later concealed his U.S. residence and assets in his preliminary disclosure.
In addition, more than 650 of Evergrande's over 3,000 onshore entities in mainland China have entered bankruptcy proceedings, and the liquidators have lodged a claim of about HK$1.4 billion with the bankruptcy administrator of Guangzhou Kailong Real Estate (an Evergrande Real Estate shareholder). By creditor structure, notes and bonds account for about 40 percent, mainland financial institutions about 24 percent, and intra-group balances about 22 percent.
(GSM, based on the National Business Daily and Reuters)
Published by GSM · USA (original Chinese edition)
Photo: 恒大中心大楼（资料图）。照片：CRCHF，CC BY-SA 3.0，经 Wikimedia Commons。 / The Evergrande Center tower (file photo). Photo: CRCHF, CC BY-SA 3.0, via Wikimedia Commons.
