Xu Jiayin's ex-wife, Ding Yumei, sued her second son Xu Tenghe in court, recovering arrears and interest totaling more than HK$1 billion.
It is said that the brothers settle the accounts, and the Lao Xu family must even distinguish clearly between the mother and the son!
On June 16, 2020, Xu Tenghe borrowed two sums of money from Ding Yumei: one with a principal of HK$500 million; The other is $30 million.
On February 26, 2024, due to the borrower's failure to repay the loan on the agreed repayment date, Ding Yumei filed a lawsuit with the High Court of Hong Kong, demanding that her son return the principal and interest totaling more than HK$1 billion.
Among them, the principal amount of the loan is 500 million Hong Kong dollars, the interest is 45 million Hong Kong dollars, and the daily overdue interest is 180,000 Hong Kong dollars, a total of 7HK$324.8 billion.
The principal amount of the loan of $30 million was $2.7 million, and the daily overdue interest totaled $8.27 million.
From the above information, it can be inferred that the annualized interest rate of both loans is 9%, and they are nearly 35 months overdue.
lent money to his son, not only charged 9% interest, but also had a high overdue penalty interest, I can't see any mother-son warmth!
Xu Tenghe is the youngest son of Xu Jiayin and Ding Yumei, and graduated from Harvard University.
In 2016, Xu Tenghe, who returned from his studies, was appointed as the chairman of Evergrande Real Estate Pearl River Delta Company.
Because he didn't want to be known about the identity of Xu Erdai, Evergrande's internal appointment documents referred to him as Peter Xu, and Xu Tenghe usually signed by this English name.
Generally speaking, the rich second generation joins the family business incognito, in order to start from the grassroots level and become familiar with the situation of the whole company step by step.
Xu Ershao, who is in his 20s, became an executive as soon as he entered the company, and he was given any good resources, no matter how stupid his employees were, they could guess the relationship between him and Xu Jiayin according to various clues.
However, Xu Ershao, who holds the title of Harvard Scholar, does not reflect the ability to be superior, and will only blindly put advertising resources for marketing.
Evergrande Real Estate, a company in the Pearl River Delta under its management, has the only subsidiary that can develop projects across regions, but many real estate projects are not selling well and have to rely on other regional subsidiaries to digest.
Xu Jiayin saw that his son's real estate performance was not good, and promoted him to vice president of the group in charge of wealth business, but he never thought that he would be arrested with Lao Tzu because of the explosion of wealth business.
Although Xu Ershao's ability is mediocre, his life is very luxurious!
A "General List of Records of Leaders at All Levels of Evergrande Group" shows that he has the most requirements, with a total of 16 items. So meticulous that the mouthwash, body lotion, and even the drinking water brand must be Evian, not the Evergrande Ice Spring, which is produced in-house.
Xu Tenghe, who is not short of money to spend, why did he borrow so much money from his mother?
In 2020, Evergrande has been stormy!
Xu Jiayin knew that he and his second son would not be able to escape the law, and tried his best to reserve the greatest interests for his wife Ding Yumei and eldest son Xu Zhijian, and the specific measures were:
1. Technical divorce with Ding Yumei and building a firewall;
2. Establish a US$2.3 billion family trust;
3. Let Ding Yumei lend money to Xu Tenghe, and if she can't afford to repay it, she will use Xu Tenghe's property in Hong Kong to repay it.
Of course, this loan may not have happened at all, but was only packaged in the form of a loan.
In December 2021, Xu Tenghe was exposed abroad to have discounted his mansion in Los Angeles for $12.5 million, which is likely to be a transaction to cooperate with the transfer of property.
Can Ding Yumei successfully recover her second son's overseas assets through litigation?
Let's wait and see!