Liquidators of China Evergrande have asked a Hong Kong court to appoint receivers to identify and preserve the worldwide assets of founder Hui Ka Yan, Reuters reported Tuesday.

The move is part of efforts to recover about $6 billion in dividends and remuneration paid to Hui and former executives, according to the report.

Hui, once among China's richest men, has refused to disclose his global holdings despite a court order and has not been seen publicly since being detained by authorities in 2023, Reuters said.

A Hong Kong judge said Tuesday a ruling will be delivered on Dec. 2 after Hui's lawyer argued there was little risk of asset dissipation given his imprisonment, the report added.

Lawyers reportedly expect the liquidation process to take a decade with a very low recovery rate.

Evergrande, which defaulted on bonds in 2021 and collapsed under more than $300 billion in liabilities, was ordered into liquidation in 2024 and delisted from the Hong Kong exchange last week.

The liquidators have recovered about $255 million from offshore asset sales, compared with $45 billion in creditor claims.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)