China property developer Shimao faces windup petition from state-owned bank

China property developer Shimao faces windup petition from state-owned bank

FILE PHOTO: The logo of property developer Shimao Group is seen on the facade of Shimao International Plaza in Shanghai, China January 13, 2022. REUTERS/Aly Song/File Photo

Chinese property developer Shimao Group said on Monday that China Construction Bank (Asia) had filed a liquidation petition against it in Hong Kong over its failure to repay loans of HK$1,579.5 million ($201.75 million).