Another big Chinese property developer faces a liquidation suit
CNN
Shanghai-based property giant Shimao Group said on Monday that it had received a liquidation petition from a Chinese state-owned bank, in yet another instance of creditors taking legal action to reclaim money from troubled developers in the world’s second largest economy.
Shanghai-based property giant Shimao Group said on Monday that it had received a liquidation petition from a Chinese state-owned bank in yet another instance of creditors taking legal action to reclaim money from troubled developers in the world’s second-largest economy. A “winding-up petition” was filed against the company by China Construction Bank (Asia) on April 5 in Hong Kong, according to a stock exchange filing by Shimao. The petition is in “connection with a financial obligation of the company in the amount of approximately HK$1,579.5 million ($204 million),” the filing said. Shimao said it will “oppose the petition vigorously” and will continue to work toward an offshore restructuring that maximizes value for its stakeholders. “The company is of the view that the petition does not represent collective interests of the company’s offshore creditors and other stakeholders,” it said. Shimao’s debt troubles date back to July 2022, when it failed to pay the interest and principal on a $1 billion bond. The company’s shares were down over 14% in Hong Kong on Monday, having fallen nearly 40% this year. China’s massive real estate sector fell into trouble after the government clamped down on excessive borrowing by developers in 2020 in an attempt to cool the property bubble. Since then, dozens of Chinese developers have defaulted on their debts.
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