Soak red beans and dried lotus seeds separately in water for at least 4 hours or overnight. Rehydrate dried tangerine peel in water until softened, then gently scrape off the white pith from the inside.
Rinse the soaked red beans and tangerine peel. Place them in a large pot with 1.5 liters of water. Bring to a boil, then reduce heat and simmer for 1 hour, or until the red beans are very soft.
Add the soaked lotus seeds to the pot and continue to simmer for another 30-40 minutes, or until the lotus seeds are tender.
Stir in the rock sugar until dissolved. Continue to simmer for a few more minutes to allow flavors to meld, then serve warm or chilled.
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