China Evergrande is being sued to wind up a $110 million deal commitment

• China Evergrande Group (3333. HK) said on Tuesday a winding-up petition was filed against it by investment holding firm Top Shine Global Ltd in Hong Kong.
• The petition accuses the property developer of not fulfilling a financial obligation of HK$862.5 million ($109.91 million).

China Evergrande Group (3333. HK) said on Tuesday a wrapping-up request was recorded against it by venture holding firm Top Shine Global Ltd in Hong Kong for not satisfying a monetary commitment of HK$862.5 million ($109.91 million).

On Monday, it was revealed that Top Shine Global, a financial backer in Evergrande’s unit Fangchebao (FCB), had documented the request saying the beset property engineer had not obliged to an arrangement to repurchase shares it purchased in FCB.

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Top Shine March last year purchased 0.46% of FCB, a Chinese web-based land and vehicle commercial center, for HK$750 million.

Evergrande in a trade recording said it will go against the request, adding, that it wouldn’t affect its seaward obligation rebuilding plan in works that are scheduled to be declared before the finish of the following month. understand more

Documented by Top Shine Global of Intershore Consult (Samoa) Ltd on Friday, it is the primary known wrapping-up appeal to have been stopped against the Chinese property designer, which has more than $300 billion in liabilities.