China Evergrande faces winding-up lawsuit in Hong Kong

Beijing, China. Photo by zhang kaiyv on Unsplash

An investor in China Evergrande Group unit Fangchebao said on Monday it had filed a windingup petition against the embattled property developer in Hong Kong because it had not honoured an agreement to repurchase shares the investor bought in FCB.

It is the first windingup petition known to have been filed against Evergrande, which is reeling under more than $300 billion in liabilities and whose offshore debt was deemed to be in default after missing payment obligations late last year.

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