China Evergrande Group (3333.HK) on Wednesday opposed a winding-up petition filed in a Hong Kong court, with the hearing now being adjourned until Sept. 5.
An investor in Evergrande’s Chinese online real estate and automobile marketplace, Fangchebao (FCB), in June had filed a winding-up petition against the developer in Hong Kong as it had not honoured an agreement worth $110 million to repurchase shares the investor bought in FCB.
The company had said in a June filing that it would “vigorously” oppose the winding-up lawsuit and that the petition would not impact its restructuring plan.
A source close to the company told Reuters last month it was reaching out to its offshore creditors for their support to fight the lawsuit and it was not considering an out-of-court settlement.
Evergrande, which has liabilities of more than $300 billion, is working on an offshore debt restructuring proposal after it missed some payment obligations late last year.