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Investor says files liquidation petition in China against Evergrande unit
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Investor says files liquidation petition in China against Evergrande unit
Aug 6, 2024 11:49 PM

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 ( EGRNF ), 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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