Evergrande Subsidiary Faces Winding-Up Petition Over HK$170M Debt
SingTao · 1 SOURCESabout 3 hours ago4 MIN
Summary
Fortune Choice Development Limited, the developer of China Evergrande's Tuen Mun residential project Ocean Camino (緹岸), faces winding-up proceedings after Profit Concept Finance Limited filed a petition at the High Court on August 31, 2026, over an unpaid debt exceeding HK$170 million. The case is scheduled for hearing on November 11, 2026, at 10:00 AM .
Key Points
- Fortune Choice Development owes Profit Concept Finance Limited more than HK$1.7 billion, according to court documents .
- The developer currently holds only HK$79 million in funds, while also facing separate debts of HK$230 million to a real estate agency and HK$120 million to a bank .
- In April 2019, China Evergrande and its subsidiary Tianji Holdings decided to provide mortgage financing to potential buyers of Ocean Camino through Profit Concept Finance to boost unit sales .
- Fortune Choice Development previously sought a court injunction to prevent Profit Concept Finance from filing the winding-up petition, and later applied for a stay of execution—both applications were dismissed by High Court ad hoc judge Wong Ming-fung .
- The court determined that allowing the winding-up petition serves the public interest, noting that Fortune Choice Development has no reasonable prospect of success on appeal .
Why It Matters
The winding-up petition highlights the ongoing legal complications stemming from China Evergrande's liquidation, affecting downstream subsidiaries and their creditors. With the developer holding insufficient funds to cover its debts, property buyers and remaining creditors face significant uncertainty regarding the completion and delivery of Ocean Camino units .
The winding-up petition highlights the ongoing legal complications stemming from China Evergrande's liquidation, affecting downstream subsidiaries and their creditors. With the developer holding insufficient funds to cover its debts, property buyers and remaining creditors face significant uncertainty regarding the completion and delivery of Ocean Camino units .