3rd November 2026 – (Hong Kong) Fortune Choice Development Limited, the developer of the Tuen Mun residential project Ocean Camino under the already wound‑up China Evergrande Group, is facing a winding‑up petition brought by Profit Concept Finance Limited. Court records show the Companies Winding‑Up Petition has been scheduled for 11th November at 10.00am for mention in the High Court.
The petition follows unsuccessful legal moves by Fortune Choice Development to obtain an injunction preventing Profit Concept Finance from filing the winding‑up application. After losing that bid, the company sought a stay of execution, which was dismissed by High Court Special Duties Judge Wong Ming‑fung, who held that allowing the petition to proceed was in the public interest and that Fortune Choice Development had no reasonable prospect of a successful appeal.
According to materials before the court, Evergrande and its subsidiary Tin Ji Holdings agreed in April 2019 to provide mortgage financing through Profit Concept Finance to prospective buyers of Ocean Camino units to support sales. Fortune Choice Development is said to hold around HK$79 million in available funds but is alleged to owe more than HK$170 million to Profit Concept Finance. It is further alleged to owe about HK$230 million to an estate agency and HK$120 million to a bank. The court was told the mortgage‑backed sales helped move additional Ocean Camino units, but the mounting liabilities have since become the subject of the present proceedings.
