China's Shimao goes into liquidation for non-payment of a $202 million loan

China’s Shimao goes into liquidation for non-payment of a $202 million loan

April 8, 2024 Tóth Balázs

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Chinese developer Shimao Group said on Monday that China Construction Bank (Asia) had filed for liquidation in Hong Kong over unpaid debts, a rare legal action by a state-owned bank during a property slump.

The petition is over Shimao’s failure to repay a HK$1.58 billion (US$201.75 million) loan and contrasts with legal action against rival firms such as China Evergrande Group and Country Garden by overseas lenders for defaulting on their debts.

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China’s Shimao goes into liquidation for non-payment of a $202 million loan

Chinese developer Shimao Group said on Monday that China Construction Bank (Asia) had filed for liquidation in Hong Kong over unpaid debts, a rare legal action by a state-owned bank during a property slump.

The petition is over Shimao’s failure to repay a HK$1.58 billion (US$201.75 million) loan and contrasts with legal action against rival firms such as China Evergrande Group and Country Garden by overseas lenders for defaulting on their debts.

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