HONG KONG—An investor in China Evergrande Group unit Fangchebao said on Monday it had filed a winding-up petition against the embattled property developer in Hong Kong because it had not honored an agreement to repurchase shares the investor bought in FCB.
It is the first winding-up 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.
Investment holding firm Top Shine Global Ltd. bought 0.46 percent of FCB, a Chinese online real estate and automobile marketplace, last March for HK$750 million ($95.6 million), as Evergrande sold 10 percent of the unit to 17 investors for a total $2.10 billion ahead of an initial public offering (IPO)….