China Evergrande Faces Winding-Up Lawsuit In Hong Kong

China’s most indebted developer Evergrande faces a winding-up petition in the Hong Kong high court, involving a claim amount of about HKD862.5 million, the 21st Century Business Herald reported citing a company statement. The petition was filed by a strategic investor in the company’s housing trading unit, Fangchebao, which accounts for less than 1% of the company’s total overseas debt, while the operations of the board of directors, risk mitigation committee and management teams have not been affected, the newspaper said citing Xiao En, executive director of Evergrande. The company will object to winding-up and is expected to release a preliminary debt restructuring plan by end-July as scheduled, according to the statement.