(Hong Kong Comprehensive News) Following Evergrande and Country Garden, another Chinese real estate company Shimao Group was proposed to be cleared.Shimao Group announced that receiving the clearing of the CITIC's liquidation to the Hong Kong High Court, and said it would be strongly opposed.
Shimao Group announced on Monday (April 8) in the Hong Kong Stock Exchange, China Construction Bank (Asia) Co., Ltd. proposed to the Hong Kong High Court on April 5About HK $ 1.595 billion (S $ 272 million).
As of Monday (April 8th) closed in the afternoon, Shimao Hong Kong stocks fell 18.68%.
Announcement stated that Shimao believes that the request does not represent the common interests of the company's foreign creditors and other related parties.In order to protect the interests of its relevant parties, the company will try to oppose the request and continue to promote the reorganization of overseas debt to maximize the value of its relevant parties.
The announcement of Shimao Group on March 25 disclosed that the company has been discussing goodwill with its foreign creditors and encouraging all overseas creditors to consider the reorganization plan and support the implementation of the reorganization.
The restructuring scheme provides two options: short -term tools, long -term tools, compulsory convertible bonds, and different tools for creditors.
According to Bloomberg, as of the end of last year, Shimao Group's total liabilities were RMB 492 billion (S $ 91.7 billion).Shimao first appeared offshore debt defaults in July 2022, and the initial reorganization plan was announced after 17 months.
The main business of Shimao Group is to develop large -scale integrated real estate projects for mainland China, including residential, hotels, retail and commercial properties.The Group was established in 1994 and was listed on the main board of the Hong Kong Stock Exchange on July 5, 2006.
