KONTAN.CO.ID - HONG KONG. China Evergrande Group said on Tuesday a winding-up petition was filed against it by investment holding firm Top Shine Global Ltd in Hong Kong for not fulfilling a financial obligation of HK$862.5 million ($109.91 million). On Monday, Reuters reported that Top Shine Global, an investor in Evergrande's unit Fangchebao (FCB), had filed the petition saying the embattled property developer had not obliged to a deal to repurchase shares it bought in FCB. Top Shine in March last year bought 0.46% of FCB, a Chinese online real estate and automobile marketplace, for HK$750 million.
China Evergrande Faces Winding-up Lawsuit for $110 Million Deal Obligation
KONTAN.CO.ID - HONG KONG. China Evergrande Group said on Tuesday a winding-up petition was filed against it by investment holding firm Top Shine Global Ltd in Hong Kong for not fulfilling a financial obligation of HK$862.5 million ($109.91 million). On Monday, Reuters reported that Top Shine Global, an investor in Evergrande's unit Fangchebao (FCB), had filed the petition saying the embattled property developer had not obliged to a deal to repurchase shares it bought in FCB. Top Shine in March last year bought 0.46% of FCB, a Chinese online real estate and automobile marketplace, for HK$750 million.