China Evergrande Group (3333.HK) said on Tuesday that Hong Kong-based venture holding company Top Shine Global Ltd had filed a winding-up request against it for not meeting a financial commitment of HK$862.5 million ($109.91 million).
On Monday, it came out that Top Shine Global, a financial backer of Evergrande’s unit Fangchebao (FCB), had written a request saying that the troubled property engineer had not kept an agreement to buy back shares in FCB that it had bought.
Last year, Top Shine March paid HK$750 million for 0.46 percent of FCB, a Chinese online land and vehicle marketplace.
Evergrande said in a trade recording that it will go against the request and that it won’t change its seaward obligation rebuilding plan, which is set to be announced by the end of next month. understand more
Documented by Top Shine Global of Intershore Consult (Samoa) Ltd on Friday, it is the first known appeal to have been stopped against the Chinese property developer, which has more than $300 billion in debts.
