Millennial Threatens Evergrande With Wind Down in Latest Setback
Lin Ho Man is a politically connected investor whose lawsuit is complicating attempts to restructure the embattled developer.
Unfinished apartment buildings at the construction site of a China Evergrande Group development in Beijing.
Photographer: Andrea Verdelli/BloombergChina Evergrande Group has only days to unveil its restructuring plan, but even if it meets the deadline, the embattled property developer faces a new and considerable hurdle: A young, politically connected investor who wants to wind down the company unless he gets his money back fast.
A business tied to Lin Ho Man, who only a few years ago graduated from the University of California Irvine, filed a petition in Hong Kong to wind down Evergrande if it doesn’t repay HK$862.5 million ($110 million). Having the suit withdrawn or dismissed has become a requirement for the developer’s shares to resume trading.