Shimao Faces Liquidation Threat Over $200 Million Debt As China Real Estate Woes Continue

Shanghai-based property giant Shimao Group received a liquidation petition from a Chinese state-owned bank over $200M in debt
Shimao says it will "oppose the petition vigorously" and continue working on an offshore restructuring
Shimao's debt troubles began when it failed to pay interest and principal on a $1B bond in July 2022
China's real estate sector has struggled since the government clamped down on excessive borrowing in 2020
In January, developer China Evergrande was ordered to liquidate by a Hong Kong court after failing to restructure its massive debt for 19 months