All articles tagged with #china construction bank
Chinese developer Shimao Group Holdings Ltd. is facing a wind-up petition from creditor China Construction Bank (Asia) Corp. over a financial obligation of HK$1.6 billion, as the developer grapples with default. Shimao intends to oppose the petition and pursue offshore restructuring to maximize stakeholder value.
Chinese developer Shimao Group is facing a liquidation petition from China Construction Bank (Asia) in Hong Kong over unpaid debts of HK$1.58 billion ($201.75 million), marking a rare case of a state-owned bank taking such legal action in the property downturn. Shimao, which is among the many Chinese developers that have defaulted on offshore bonds, is aiming to restructure about $11.7 billion of offshore debt, with an aim of cutting it by 60%. The company's Hong Kong-listed shares ended down 18.7% at a record low, and the first court hearing for the liquidation petition is scheduled for June 26.