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HONG KONG (Reuters) – An investor has filed a petition to a court in China to liquidate a major unit of the heavily indebted property developer China Evergrande (HK:), according to a stock filing by the petitioner on Wednesday.
The investor — Vanward, a Shenzhen-listed electric appliance manufacturer — cited a dispute with the Evergrande unit Guangzhou Kailong Real Estate over an investment worth 200 million yuan ($27.9 million).
A court in the southern Chinese city of Guangzhou is reviewing the case, the filing said.
In January, a Hong Kong court ordered that Evergrande, once China’s largest property developer, should be liquidated after it failed to deliver a concrete restructuring plan for $23 billion in offshore debt. Overall, Evergrande has more than $300 billion in liabilities.
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