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 worlds 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.
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