许家印的23亿美元，藏不住了
<!----><style type="text/css">html{font-size:375%}</style><link href="https://pic.app.58cammp.com/static/publish/css/style.css?v=20240712" rel="stylesheet" position="1" data-qf-origin="/static/publish/css/style.css?v=20240712"><!-- 付费贴--> <div class="preview_article "> <!----> <p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">一直以来，在顶级富豪的世界里，家族信托长久以来被视为财富的“诺亚方舟”和“最后防线”。它像一个结构精密的金融保险箱，理论上可以将个人资产与企业风险、债务纠纷彻底隔离。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">然而，2025年9月，香港高等法院的一纸判决，击碎了许家印精心构建的海外资产“安全屋”。法院不仅授权清盘人接管许家印名下资产，还将其通过离岸家族信托持有的财产一并纳入接管范围，同时也引发了一场席卷全球的资产追索风暴。</p><section style="font-size: 16px; margin-bottom: 0px;"><section style="text-align: left; justify-content: flex-start; display: flex; flex-flow: row; margin-top: 10px; margin-bottom: 10px;"><section style="display: inline-block; vertical-align: bottom; width: auto; align-self: flex-end; flex: 0 0 auto; min-width: 5%; height: auto; background-color: #ededed; padding: 3px 8px;"><section style="text-align: justify; font-size: 26px; color: #d42002;"><p style="text-wrap: wrap;"><strong>01</strong></p></section></section><section style="display: inline-block; vertical-align: bottom; width: auto; flex: 100 100 0%; height: auto; align-self: flex-end; border-style: solid; border-width: 0px 0px 0px 8px; border-color: #d42002; padding-left: 7px;"><section style="text-align: justify; font-size: 19px; color: #3e3e3e;"><p style="text-wrap: wrap;"><strong> </strong></p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">时间拨回2019年，彼时恒大危机尚未全面爆发，许家印夫妇已悄悄在美国搭建起23亿美元的家族信托架构。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">这笔资金主要来自两人2009年至2022年间从恒大分得的500多亿元人民币红利，通过离岸公司层层转移后注入信托，指定两个儿子为受益人。为确保财富传承，信托设计得颇为精细：长子许智健只能领取收益、动不了本金，本金则留给孙辈；这一安排意在确保长子及其后代“衣食无忧”，同时保持家族财富的长期稳健传承。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">相较之下，次子许滕鹤并未获得同等信托安排。2023年，他因恒大财富事件被内地部门带走调查。而长子许智健虽有离岸信托“防火墙”，却仍被香港清盘人起诉并冻结全球资产——信托终究未能挡住法律和债务风暴的穿透。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">法官指出，许家印虽名义上把资产转入信托，却保留了投资决策、更换受益人等核心控制权，受托人沦为“傀儡”。更关键的是，恒大早在2017年就埋下财务黑洞，许家印明知公司危机四伏，仍在2019年危机爆发前突击转移资产，这明显属于“欺诈性资产转移”。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">香港法院“击穿”许家印家族信托所依据的是“实质重于形式原则”和“欺诈性资产转移原则”。首先是“实质重于形式”，不管信托架构多复杂，只要委托人能实际控制资产，就不算真正的独立信托；其次是“反欺诈原则”，债务人不能一边欠着巨额债务，一边用信托为家人保留财富；最后是“债权人保护优先”，在大规模债务危机中，法律更倾向于维护被欠薪、欠房款的普通债权人权益。这三大法理支柱，让许家印的家族信托防线被“击穿”。</p><section style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><img class="rich_pages wxw-img" style="width: auto; height: auto; outline: 0px; display: block; margin: 0px auto; max-width: 100%; min-height: auto;" src="https://pic.app.58cammp.com/FkaszbtDkyC81T-j6yPFzh8L1_Uz" /></section><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">一直以来，离岸家族信托因其“资产隔离”“税务优化”等功能，成为富豪群体的“标配工具”，甚至被部分人曲解为“避债神器”。但许家印的案例用事实证明，信托的核心价值在于“合法合规的财富规划”，而非“逃避债务的避风港”。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">致高律师事务所高级合伙人、致高家族办公室专委会主任、致高财富传承中心主任陈丽娅律师对凤凰网财经《公司研究院》表示，“离岸信托绝对安全”是营销话术，而非法理结论。信托的安全性取决于结构独立性与设立目的的合法性。香港法院此次判决已明确：“信托并非天然避风港，当其用于规避债务时，”法院有权透过形式，审查信托设立的真实目的与经济实质。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">陈丽娅律师还表示，实现“资产隔离”的必要前提：信托的资金来源必须清洁；委托人彻底放弃控制权（不得保留撤销权、投资指令权）；受托人必须具备独立受监管资质，与委托人无利益关联；受益权透明、分配机制合理；信托设立时未处于已知或可预见的债务风险中。若任一条件缺失，法院即可认定信托名实不符，从而“穿透信托屏障”。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">而从公开资料可见：许家印家族信托资金主要源自恒大巨额分红，且恒大当时已负债累累，存在潜在债务风险；许家印疑似保留投资决策权与更换受益人权；信托受益人安排不均（长子受益、次子未涵盖），“反映出高度的家族意志控制倾向。这些特征共同构成‘形式信托、实质自益’的结构性缺陷……”使法院有充分理由认定信托缺乏独立性。</p><section style="font-size: 16px; margin-bottom: 0px;"><section style="text-align: left; justify-content: flex-start; display: flex; flex-flow: row; margin-top: 10px; margin-bottom: 10px;"><section style="display: inline-block; vertical-align: bottom; width: auto; align-self: flex-end; flex: 0 0 auto; min-width: 5%; height: auto; background-color: #ededed; padding: 3px 8px;"><section style="text-align: justify; font-size: 26px; color: #d42002;"><p style="text-wrap: wrap;"><strong>02</strong></p></section></section><section style="display: inline-block; vertical-align: bottom; width: auto; flex: 100 100 0%; height: auto; align-self: flex-end; border-style: solid; border-width: 0px 0px 0px 8px; border-color: #d42002; padding-left: 7px;"><section style="text-align: justify; font-size: 19px; color: #3e3e3e;"><section style="text-align: justify; font-size: 19px; color: #3e3e3e;"><p><strong> </strong></p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">而判决生效后引发的连锁反应迅速席卷全球，清盘人团队立即启动“全球资产追索行动”，通过国际司法协助冻结了许家印及其关联方在12个国家和地区的77亿美元资产，其中包括伦敦市中心的33套豪宅、纽约曼哈顿的写字楼以及多艘豪华游艇。</p><section style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><img class="rich_pages wxw-img" style="width: auto; height: auto; outline: 0px; display: block; margin: 0px auto; max-width: 100%; min-height: auto;" src="https://pic.app.58cammp.com/FqFroT8Td7X6eNcNjRAvDkBqmO4K" /></section><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">同时，清盘人正式向美国特拉华州法院提交申请，要求依据“欺诈性转移”条款撤销那笔23亿美元家族信托，目前该案已进入证据交换阶段。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">按照美国信托法，一旦合法设立信托，信托财产法律所有权转移至受托人名下，原则上独立于委托人债务。然而，香港法院的裁决无疑对该信托形成巨大压力。清盘人可能会寻求美国法院的协助，以欺诈转让为由挑战信托的有效性。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">陈丽娅律师对凤凰网财经《公司研究院》表示，《统一欺诈性转移法》与破产法第548条均规定：若转移意在规避债务人责任，可被撤销。只要香港清盘人能证明资金转入时已存在恶意避债意图，美国法院理论上可承认香港判决逻辑并启动欺诈性转移审查。美国与香港之间虽无双边破产协助条约，但可通过Comity原则承认判决；若受托人为美国注册的机构，法院可直接命令其配合披露与冻结。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">因此，许家印的美国信托是否会被攻破，目前取决于美国法院对香港清盘人提交证据的认可程度。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">值得一提的是，许家印的前妻丁玉梅也深陷泥潭，其名下资产被冻结后，法院根据其生活需求裁定每月仅能领取2万英镑生活费，与此前动辄挥金如土的生活形成鲜明对比。更具戏剧性的是，丁玉梅因认为信托资产分割不公，已向香港法院提起诉讼，要求次子许滕鹤返还其“应得份额”，这场家族内斗让曾经显赫的许家印家族彻底颜面扫地。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">许家印的案例，给所有企业家上了一堂代价高昂的法治课：靠钻法律空子这种“小聪明”，终究保不住财富；只有合法经营、诚实守信的“大智慧”，才是真正的“避风港”。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">时代已经变了，全球监管日益收紧，“离岸”不等于“法外”，“信托”也不是万能的“保险箱”。任何试图转移资产、金蝉脱壳的伎俩，最终只会导致资产被冻结、信誉破产，甚至众叛亲离。</p><p style="margin: 0px 0px 20px; font-size: 16px; line-height: 32px; text-indent: 0px; text-align: justify; overflow-wrap: break-word; word-break: normal; color: #000000; font-family: 宋体, SimSun, Songti SC; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">来源：凤凰网财经</p></section></section></section></section></section></section></section></section></section> <!----></div>
页:
[1]