EGRNY - Investor in China Evergrande unit files winding-up petition on failed buyback

An investor in a China Evergrande (OTCPK:EGRNF) (OTCPK:EGRNY) unit said Monday it had filed a winding-up petition against the struggling property developer in Hong Kong because it failed to make good on an agreement to buy back shares of the unit from the investor. Reuters reported, citing an executive with the investment firm. It's the first winding-up petition to be filed against Evergrande (OTCPK:EGRNF), which is burdened with more than $300M in liabilities and missed offshore debt payments late last year. Investment firm Top Shine Global bought 0.46% of Evergrande (OTCPK:EGRNF) unit Fangchebao, an online Chinese real estate and automobile marketplace, last March for HK$750M ($95.6M). At the time, Evergrande sold 10% of the unit to 17 investors for a total of $2.10B before its initial public offering. According to the agreement, if an IPO didn't occur by April 8, 2022, Evergrande would be required to repurchase the shares at

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Investor in China Evergrande unit files winding-up petition on failed buyback