Salem Radio Network News Friday, August 19, 2022

Business

Evergrande investor says files lawsuit for non-repurchase of unit shares

HONG KONG (Reuters) – Investment holding firm Top Shine Global Ltd has decided to file a winding-up petition against China Evergrande Group 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 told Reuters on Monday, declining to be named due to the sensitivity of the matter.

(Reporting by Clare Jim; Editing by Louise Heavens)

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