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Chinese state bank files petition to wind up private developer

Chinese property group Shimao faces a winding-up petition from one of China’s largest state-run banks, the developer said in a disclosure to the Hong Kong stock exchange on Monday.

The petition, issued by China Construction Bank in Hong Kong’s High Court on Friday, is related to an “approximately HK$1,579.5 million [$201.7mn]” financial obligation, Shimao Group said.

The petition comes shortly after Hong Kong’s High Court ordered Evergrande to be liquidated following a winding-up petition from one of its creditors. Country Garden, one of China’s largest property developers, is also facing a winding-up petition in Hong Kong from its creditors.

Via

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