Evergrande was ordered to liquidate due to insolvency. In April of this year, the founder of Evergrande, Xu Jiayin, was ordered by the High Court to immediately repay over 5.3 billion yuan in debt and a freezing order was issued. If Xu Jiayin fails to repay the debt pursuant to the freezing order, Hui Xing Heng Ju can take legal action to apply for the takeover and sale of Xu Jiayin's property. As Xu Jiayin has not repaid the debt, Hui Xing Heng Ju filed with the High Court on June 25, requesting that Xu Jiayin immediately hand over the vacant property of Xiangjing Building in Tsim Sha Tsui according to the freezing order, and pay off part of the debt with the net proceeds after auction.