Investment holding firm Top Shine Global Ltd has decided to file a winding-up petition against China Evergrande Group (3333.HK) as the embattled property developer did not repurchase shares in its unit Fangchebao from investors, a senior executive said.
Top Shine filed the petition on Friday, a record at the Hong Kong High Court showed.
Fangchebao is a Chinese online real estate and automobile marketplace owned by Evergrande. The unit was planning an IPO in Hong Kong.
Top Shine has requested that Evergrande honour its agreement to repurchase the shares, the executive said, declining to be named due to the sensitivity of the matter.