In Hong Kong, China Evergrande is being sued for winding up

27 Jun 2022 , 02:18 PM

According to the website of the judiciary, a winding-up petition has been filed at the Hong Kong high court against the troubled property developer China Evergrande Group.

According to the website, the petition was submitted by “Top Shine Global Limited of Intershore Consult (Samoa) Limited,” and a hearing will take place on August 31.

Evergrande’s offshore debt is regarded as being in default after late last year’s missed payment requirements. Evergrande is grappling with more than $300 billion in liabilities.

To allay market concerns about a chaotic collapse, state-owned firms have intervened to assist with the debt restructuring process and have taken over some of their assets.

By the end of July, the company is anticipated to release a draught reorganization plan.

Early this year, Evergrande attempted to take possession of a sizable land piece in Hong Kong’s rural Yuen Long area by hiring a receiver at the request of U.S. asset management Oaktree Capital Management, a lender for the project.

The appointment of receivers and the prospective sale of pertinent secured assets, according to Evergrande at the time, “would not have a major impact on the group’s operations or financial position, nor would it affect the group’s current debt restructuring effort.”