Evergrande Faces Creditor Petition in Hong Kong for Liquidation

What’s new: An overseas creditor filed suit in Hong Kong demanding the liquidation of China Evergrande Group as the indebted developer races to develop a restructuring plan for its $300 billion of liabilities.

The Samoan Islands-registered creditor, Top Shine Global Ltd. of Intershore Consult (Samoa) Ltd., filed the petition with Hong Kong’s high court to wind down China Evergrande, according to a release on the website of the Hong Kong judiciary. A preliminary hearing is scheduled for Aug. 31.