In January 2025, British property management firm JLL (Jones Lang LaSalle) received court approval to continue managing 33 high-end apartments in London’s Nine Elms district, which are linked to China Evergrande through the former spouse of its founder. The ruling marked a significant legal and market development, reflecting the complexities of global real estate investments and the ripple effects of Evergrande’s financial collapse.
Background: Evergrande’s Global Fallout
China Evergrande, once the largest property developer in China, defaulted in 2021 under a debt burden exceeding $300 billion. The company’s collapse triggered widespread asset freezes and legal actions involving offshore holdings and international real estate portfolios.
Among these assets are 33 London apartments, legally held by Ding Yumei, former wife of Evergrande founder Hui Ka Yan, via offshore companies registered in the British Virgin Islands.
Property Details
- 📍 Location: Nine Elms, south of the River Thames, London
- 🏢 Number of apartments: 33 units
- 💼 Ownership structure: held by five offshore companies
- 💶 Known purchase value for 7 apartments: £15.6 million ≈ €18.2 million
- 📐 Estimated price per square meter in Nine Elms: approx. €12,000/m²
Ding Yumei resides in one of the apartments; the rest are either rented out or available for leasing.
Legal Dispute and Court Ruling
After authorities froze Ding Yumei’s assets, JLL, the property management company overseeing these apartments, sought legal confirmation that it could continue providing services despite the freeze.
📌 Court decision highlights:
- JLL is authorized to continue letting, marketing, and collecting rent
- The company may make payments for insurance, utilities, maintenance, and necessary upkeep
- The goal is to preserve asset value and ensure that operations can continue smoothly for tenants and stakeholders
The ruling was supported by Evergrande’s liquidators, who are working to maximize returns for creditors.
Impact on London’s Real Estate Market
✅ Positive implications:
- Reinforces the importance of professional asset management, even under legal stress
- Shows that UK courts support operational continuity in complex financial cases
- Preserves property value and minimizes disruption for residents and service providers
⚠️ Risk considerations:
- Legal uncertainty in cases involving cross-border corporate structures
- Need for transparency when acquiring assets tied to foreign entities
- Potential reputational risks for luxury markets linked to troubled companies
Nine Elms: A Premium Investment District
The Nine Elms district is undergoing significant regeneration and has become a hub for international investment. Key features include:
- 🏗️ New residential developments and skyline-changing architecture
- 🚇 New underground stations: Battersea Power Station and Nine Elms
- 🛍️ Proximity to retail, dining, and green spaces
- 💸 Targeted by high-net-worth individuals from Asia and the Middle East
Average prices for new-build apartments in 2025 range from €800,000 to over €2 million, depending on views, amenities, and layout.
What Investors Can Learn
- Always verify legal ownership structures, especially with offshore entities
- Ensure the property manager has clear and independent authority
- Develop strategies that can withstand legal freezes or political disruption
Having a competent third-party management company like JLL in place can protect asset value and operations in uncertain times.
Conclusion
The court’s decision allowing JLL to retain management of Evergrande-linked London apartments is a critical example of how global property management can adapt to financial instability. Despite the complexities, London’s luxury property market remains resilient, supported by strong governance and institutional stability.
🔑 For investors, it underscores the value of transparent structures, independent asset management, and choosing properties in jurisdictions with legal clarity.
