Is Xu Jiayin's overseas family trust "breached"?

Recently, the news that the family trust of Evergrande founder Xu Jiayin has been "pierced" has spread in the industry. The Hong Kong High Court stated in its judgment that Xu Jiayin and other defendants, including Ding Yumei, are required to disclose their assets valued at HKD 50,000 or more in written documents, and they must not dispose of or handle any of their assets or reduce their value in any way. Additionally, the receiver has the right to obtain and review relevant documents regarding these assets. Notably, the Hong Kong judge listed the companies and related bank accounts subject to freezing orders in the annex of the judgment, including those of companies wholly owned by Xu Jiayin and their bank accounts, as well as some bank accounts under third parties that are not in Xu Jiayin's name, which include "passive trust" accounts over which Xu Jiayin has actual control. Several industry insiders analyzed that this judgment does not mean that Xu Jiayin's family trust has been "pierced," but it indicates that the trust's ability to provide isolation is now difficult, serving as a warning to investors—that the effectiveness of a trust must be based on legality, integrity, financial health, and early planning. (Sina Finance)