China, real estate group Shimao collapses on the stock market after a liquidation request Investing.com

Investing.com – China's real estate woes appear to have no end in sight. After the accident of Evergrande (HK:) and the difficulties of Country Garden, another real estate giant, put the Chinese economy at risk. It is Shimao Property Holdings Ltd. (HK:), one of the largest real estate developers in the People's Republic.

The group, listed on the Hong Kong Stock Exchange since 2006, announced on Monday that it had received a liquidation request from China Construction Bank.

The institution, which represents one of China's largest state-owned banks, filed an application with the Hong Kong High Court seeking a financial obligation from Shimao amounting to approximately HK$1,579.5 million , or 201.7 million US dollars. The hearing is scheduled for June 26.

Following this news, the stock plunged more than 18% to an all-time low of HK$0.37 per share.

In January, a Hong Kong court ordered the liquidation of former real estate giant Evergrande after negotiations on offshore debt restructuring failed. At the end of February, the other major Chinese real estate company also announced that it was facing a liquidation request for non-payment of a loan worth 1.6 billion Hong Kong dollars (around 205 million US dollars), promoted by a creditor.

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