China’s crisis-hit property market has been dealt a fresh blow as major real estate developer Shimao Group has been hit with a winding-up petition.
State-owned China Construction Bank (Asia) filed the petition in Hong Kong over Shimao’s failure to repay loans worth HK$1.58bn ($201.8m; £159.7m).
It is rare for a Chinese bank to take such legal action against one of the country’s developers. Similar cases against other property firms were launched by overseas-based creditors.
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