China Construction Bank has filed a winding-up petition in Hong Kong against property developer Shimao in a rare case of a major state-owned financial institution initiating offshore legal action against a mainland Chinese real estate company.
The petition, which adds to a number of similar cases in the territory against China’s distressed developers, relates to a HK$1.6bn (US$200mn) financial obligation, according to a filing by Shimao to the Hong Kong stock exchange that did not provide further details.
The Shanghai-based company, which defaulted on its offshore debts in July 2022, said it would “oppose the petition vigorously and continue to work towards an offshore restructuring that maximises value for its stakeholders”.
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