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China debt crunch

Evergrande rejects creditor petition in favor of own restructuring

Chinese developer to 'vigorously' oppose windup request over uncompleted deal

Bondholders of Evergrande's main domestic operating unit began voting on Tuesday on a company request to postpone redemption of a bond due in July.    © AP

HONG KONG -- Indebted developer China Evergrande Group on Tuesday pledged to "vigorously" resist a winding-up petition filed by a creditor in favor of its own restructuring plan which it insisted would be ready within a month.

The latest challenge against the company that was previously China's biggest property developer by sales has come from investment holding company Top Shine Global, which claims Evergrande has failed to honor a claim for 862.5 million Hong Kong dollars ($109.91 million).

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