China property giant Shimao faces winding-up case
China property giant Shimao faces winding-up case
www.bbc.com Shimao: China property giant hit with winding-up petition
In a rare move, state-owned China Construction Bank have taken legal action against a property developer.
Like several other Chinese property developers, Shanghai-based Shimao defaulted on offshore bonds in 2022.
Last month, it laid out detailed plans to restructure its debts.
State-owned China Construction Bank (Asia) now filed the petition in Hong Kong over Shimao's failure to repay loans worth HK$1.58bn ($201.8m; £159.7m).
It is rare for a Chinese bank to take such legal action against one of the country's developers. Similar cases against other property firms were launched by overseas-based creditors.
Shimao said in a stock exchange filing it would "vigorously" oppose the lawsuit.
0
comments