HONG KONG (Reuters) – An investor has applied to a Chinese court to liquidate a key unit of a debt-laden property developer in China. Evergrande (Hong Kong): According to a securities filing made by the petitioner on Wednesday.
The investor — Vanward, a Shenzhen-listed electrical appliance maker — cited a dispute with Evergrande’s unit, Guangzhou Kailong Real Estate, over a 200 million yuan ($27.9 million) investment.
The lawsuit said a court in the southern Chinese city of Guangzhou is looking into the case.
In January, a Hong Kong court ordered Evergrande, once China’s largest property developer, to be liquidated after it failed to present a concrete plan to restructure its $23 billion in overseas debt. In total, Evergrande owes more than $300 billion.