Shimao Group faces a liquidation suit from China Construction Bank (Asia) over a HK$1.58bn ($201.8m) financial obligation.
Shanghai-based property developer Shimao Group faces a liquidation suit from China Construction Bank (Asia) over a financial obligation of HK$1.58bn ($201.8m). The state-owned bank filed a winding-up petition in Hong Kong against the company on April 5. Shimao, which has laid out plans to restructure its debts, said it will "vigorously" oppose the lawsuit. The move represents a rare instance of a Chinese bank taking legal action against one of the country's developers, with previous cases initiated by overseas-based creditors.
April 08, 2024
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