"Chinese Property Developer Shimao Faces Liquidation Suit as Gold Hits All-Time High"
Shanghai-based property giant Shimao Group faces a liquidation petition from a Chinese state-owned bank over a financial obligation of approximately $204 million, as the company's debt troubles continue amid China's crackdown on excessive borrowing by developers. This comes as China's real estate sector grapples with numerous defaults, with Evergrande, the world's most-indebted property developer, already ordered to liquidate by a Hong Kong court, raising concerns about the impact on investors, workers, and homebuyers.
