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.
When President Donald Trump introduced his “Liberation Day” tariffs in April, many economists predicted Americans would soon experience massive price increases. While inflation has ticked up in the eight months that passed, it’s been nowhere near levels initially projected.
President Donald Trump has repeatedly argued the affordability issue is an epic “scam” conjured up by Democrats.
Fancy cameras, giant screens and massive storage usually make smartphones more expensive. But next year, it’s a routine component that might be boosting prices: memory.
Taiwan’s government has ordered a one-year block of a popular, Chinese-owned social media app following its failure to cooperate with authorities over fraud-related concerns.
Netflix’s most recent offer, submitted on Thursday, valued the Warner Bros. studio, HBO Max streaming service and related parts of the company at around $28 per share, sources said.
It appears Meta may finally be ready to put the metaverse out of its misery.
A major congressional watchdog has opened an investigation into Federal Housing Finance Agency Director Bill Pulte, who has helped spark probes into several of President Donald Trump’s perceived political enemies, over possible misuse of authority.
The lawsuit, set to be filed in federal court in Washington, DC, names the Defense Department, Defense Secretary Pete Hegseth and the chief Pentagon spokesman, Sean Parnell, as defendants.
The “CBS Evening News” needs a new anchor — and soon.
President Donald Trump is pushing for an extension of soon-to-expire enhanced Obamacare subsidies – a key Democratic demand that Republicans fought fiercely and that was the basis for the longest-ever government shutdown.
The biggest event in New Zealand Thursday may have been the opening of a furniture store.
Even if you believe you haven’t yet been directly impacted by climate change, your wallet will feel its effects soon, according to a new study.
Small businesses are “starting to crack” amid a weakening economy, rising inflation and fickle consumers; and they drove job losses in the US private sector in November, new data showed Wednesday.