{"id":32066,"date":"2024-04-08T06:39:42","date_gmt":"2024-04-08T06:39:42","guid":{"rendered":"https:\/\/kede.com.br\/news\/shimao-china-property-giant-hit-with-winding-up-petition\/"},"modified":"2024-04-08T06:39:43","modified_gmt":"2024-04-08T06:39:43","slug":"shimao-china-property-giant-hit-with-winding-up-petition","status":"publish","type":"post","link":"https:\/\/kede.com.br\/news\/shimao-china-property-giant-hit-with-winding-up-petition\/","title":{"rendered":"Shimao: China property giant hit with winding-up petition"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\"><b class=\"ssrcss-1xjjfut-BoldText e5tfeyi3\">China&#8217;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.<\/b><\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">State-owned China Construction Bank (Asia) filed the petition in Hong Kong over Shimao&#8217;s failure to repay loans worth HK$1.58bn ($201.8m; \u00a3159.7m).<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">It is rare for a Chinese bank to take such legal action against one of the country&#8217;s developers. Similar cases against other property firms were launched by overseas-based creditors.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Shimao said <a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2024\/0408\/2024040800016.pdf\" class=\"ssrcss-f6h2dj-InlineLink e1kn3p7n0\">in a stock exchange filing<span class=\"visually-hidden ssrcss-1f39n02-VisuallyHidden e16en2lz0\">, <!-- -->external<\/span><\/a> it would &#8220;vigorously&#8221; oppose the lawsuit.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Its shares, which have lost a third of their value since the start of the year, fell by more than 15% to hit an all-time low during Monday&#8217;s trading.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Like several other Chinese property developers, Shanghai-based Shimao defaulted on offshore bonds in 2022.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Last month, it laid out detailed plans to restructure its debts.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">In January, rival real estate giant China Evergrande was ordered to liquidate by a Hong Kong court.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">With  more than $300bn of debt, Evergrande has been the poster child of China&#8217;s real estate crisis.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Property developer Country Garden also defaulted on its overseas debt last year and faces a winding-up petition.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">The first hearing for that petition, which was filed by Ever Credit Ltd, is scheduled for 17 May.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Ever Credit is a unit of Kingboard Holdings, a laminates maker and property investor.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">China&#8217;s real estate industry has been facing a major financial squeeze since 2021 when the government introduced measures to curb the amount big developers could borrow.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Since then several large property firms have defaulted on their debts.<\/p>\n<p class=\"ssrcss-1q0x1qg-Paragraph e1jhz7w10\">Problems in China&#8217;s property market have a major impact on its economy as the sector accounts for around a third of the economy.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/articles\/c2ej4r95v12o\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China&#8217;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&#8217;s failure to repay loans worth HK$1.58bn ($201.8m; \u00a3159.7m). It is rare for a Chinese bank to take such [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":32067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[56],"tags":[832,306,129,11412,1683,12901,12902],"_links":{"self":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/32066"}],"collection":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/comments?post=32066"}],"version-history":[{"count":1,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/32066\/revisions"}],"predecessor-version":[{"id":32068,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/32066\/revisions\/32068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/media\/32067"}],"wp:attachment":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/media?parent=32066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/categories?post=32066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/tags?post=32066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}