Chinese property developer Shimao Group said on Monday that the High Court in Hong Kong dismissed a petition seeking the liquidation of the embattled property developer.
The petition was filed by China Construction Bank (Asia) in April over Shimao’s failure to repay loans of HK$1.58 billion ($203.06 million). It was a rare case of a state-owned bank taking such legal action during the property downturn.
Shimao said the petition against it was dismissed by consent. It added that in aggregate about 79.06% of the creditors had supported the proposed restructuring of the offshore debt.
The court hearing for the scheme convening is scheduled for January 16, 2025.