Hong Kong Court Dismissed Creditor Petition to Liquidate $575 Million China Property Developer Shimao Group, Next Hearing for $11.5 Billion Offshore Debts Restructuring Plan on 16th January 2025, Agreement with Creditors for Debt Settlement by Final Deadline 30th June 2025
5th December 2024 | Hong Kong
A Hong Kong court has dismissed a creditor petition to liquidate China property developer Shimao Group ($575 million market value), with the next hearing for $11.5 billion offshore debts restructuring plan on 16th January 2025. An agreement had been reached with creditors for debt settlement by final deadline on 30th June 2025. In 2024 July, 3 China real estate companies started their delisting process on Shanghai & Shenzhen Stock Exchanges in 2024 June for failing to maintain minimum share trading price of CNY 1 ($0.13) for 20 consecutive trading days. The 3 China real estate companies are Shanghai Shimao (Shanghai Stock Exchange), Jiangsu Zhongnan Construction Group (Shenzhen Stock Exchange) and Dima Holdings (Shanghai Stock Exchange). In 2024 June, a Hong Kong court has granted China property developer & Hong Kong-listed Shimao Group 4 weeks extension to secure creditors debt restructuring approval with next hearing scheduled on 31st July 2024. In 2024 April, China 2nd largest bank China Construction Bank (CCB) filed a liquidation petition against Shimao Group for failure to repay $200 million of loans. In March 2024, Deutsche bank has been reported to be preparing to file a liquidation lawsuit against Shimao Group after defaulting on a $1 billion offshore bond in 2022 July and triggering a default on $11.7 billion of all offshore bonds. In 2023 December, Shimao Group had presented a restructuring plan to creditors. Shimao Group share trading was suspended for 16 months till 2023 August, and the market value had decreased -90% from $17 billion in 2020 to then-market value of $177 million (8/4/24). In 2023 August, Shimao Group Holdings share value had declined to $515 million (HKEX 4/8/23: HKD 4.03 billion) after 16 months share trading suspension, a 97% decline in market value from $17 billion in 2020. Shimao Group was founded in 2001 by Hui Wing Mau. In 2006, Shimao Group listed on Hong Kong Exchange. In 2024 May, Shimao Group was removed from the Shanghai Stock Exchange for trading below CNY 1 for 20 consecutive trading days after 30 years of listing since IPO in 1994, and closing the day with a market value of $221 million (16th May 2024).
“ Hong Kong Court Dismissed Creditor Petition to Liquidate $575 Million China Property Developer Shimao Group, Next Hearing for $11.5 Billion Offshore Debts Restructuring Plan on 16th January 2025, Agreement with Creditors for Debt Settlement by Final Deadline 30th June 2025 “
Hong Kong Court Grants China Property Developer Shimao Group 4 Weeks Extension to Secure Creditors Debt Restructuring Approval with Next Hearing on 31st July 2024, China 2nd Largest Bank China Construction Bank Filed Liquidation Petition Against Shimao Group for Failure to Repay $200 Million of Loans in 2024 April, Shimao Group Has $11.7 Billion of Offshore Debts
27th June 2024 – A Hong Kong court has granted China property developer & Hong Kong-listed Shimao Group 4 weeks extension to secure creditors debt restructuring approval with next hearing scheduled on 31st July 2024. In 2024 April, China 2nd largest bank China Construction Bank (CCB) filed a liquidation petition against Shimao Group for failure to repay $200 million of loans. In March 2024, Deutsche bank has been reported to be preparing to file a liquidation lawsuit against Shimao Group after defaulting on a $1 billion offshore bond in 2022 July and triggering a default on $11.7 billion of all offshore bonds. In 2023 December, Shimao Group had presented a restructuring plan to creditors. Shimao Group share trading was suspended for 16 months till 2023 August, and the market value had decreased -90% from $17 billion in 2020 to then-market value of $177 million (8/4/24). In 2023 August, Shimao Group Holdings share value had declined to $515 million (HKEX 4/8/23: HKD 4.03 billion) after 16 months share trading suspension, a 97% decline in market value from $17 billion in 2020. Shimao Group was founded in 2001 by Hui Wing Mau. In 2006, Shimao Group listed on Hong Kong Exchange. In 2024 May, Shimao Group was removed from the Shanghai Stock Exchange for trading below CNY 1 for 20 consecutive trading days after 30 years of listing since IPO in 1994, and closing the day with a market value of $221 million (16th May 2024).
China Property Developer & Hong Kong-Listed Shimao Group Removed from Shanghai Stock Exchange for Trading Below CNY 1 for 20 Consecutive Trading Days after 30 Years of Listing Since IPO in 1994, Current Market Value at $221 Million at Closing on 16th May 2024, China 2nd Largest Bank China Construction Bank Filed Liquidation Petition Against China Property Developer & Hong Kong-Listed Shimao Group for Failure to Repay $200 Million of Loans
17th May 2024 – China property developer & Hong Kong-listed Shimao Group has been removed from the Shanghai Stock Exchange for trading below CNY 1 for 20 consecutive trading days after 30 years of listing since IPO in 1994, and closing the day with a market value of $221 million (16th May 2024). In April 2024, China 2nd largest bank China Construction Bank (CCB) filed a liquidation petition against China property developer & Hong Kong-listed Shimao Group for failure to repay $200 million of loans. In March 2024, Deutsche bank has been reported to be preparing to file a liquidation lawsuit against Shimao Group after defaulting on a $1 billion offshore bond in 2022 July and triggering a default on $11.7 billion of all offshore bonds. In 2023 December, Shimao Group had presented a restructuring plan to creditors. Shimao Group share trading was suspended for 16 months till 2023 August, and the market value had decreased -90% from $17 billion in 2020 to current market value of $177 million (8/4/24). In 2023 August, Shimao Group Holdings share value had declined to $515 million (HKEX 4/8/23: HKD 4.03 billion) after 16 months share trading suspension, a 97% decline in market value from $17 billion in 2020. Shimao Group was founded in 2001 by Hui Wing Mau. In 2006, Shimao Group listed on Hong Kong Exchange.
China 2nd Largest Bank China Construction Bank Files Liquidation Petition Against China Property Developer & Hong Kong-Listed Shimao Group for Failure to Repay $200 Million of Loans, Deutsche Bank to File Liquidation Lawsuit Against Shimao Group after Defaulting on $1 Billion Offshore Bond in 2022 July & Triggering Default on $11.7 Billion of Offshore Bonds, Presented Restructuring Plan to Creditors in 2023 December, Share Trading Suspended for 16 Months till 2023 August, Market Value Decreased -90% from $17 Billion in 2020 to Current Market Value of $177 Million
9th April 2024 – China 2nd largest bank China Construction Bank (CCB) has filed a liquidation petition against China property developer & Hong Kong-listed Shimao Group for failure to repay $200 million of loans. In March 2024, Deutsche bank has been reported to be preparing to file a liquidation lawsuit against Shimao Group after defaulting on a $1 billion offshore bond in 2022 July and triggering a default on $11.7 billion of all offshore bonds. In 2023 December, Shimao Group had presented a restructuring plan to creditors. Shimao Group share trading was suspended for 16 months till 2023 August, and the market value had decreased -90% from $17 billion in 2020 to current market value of $177 million (8/4/24). In 2023 August, Shimao Group Holdings share value had declined to $515 million (HKEX 4/8/23: HKD 4.03 billion) after 16 months share trading suspension, a 97% decline in market value from $17 billion in 2020. Shimao Group was founded in 2001 by Hui Wing Mau. In 2006, Shimao Group listed on Hong Kong Exchange.
Deutsche Bank to File Liquidation Lawsuit Against China Property Developer & Hong Kong-Listed Shimao Group after Defaulting on $1 Billion Offshore Bond in 2022 July & Triggering Default on $11.7 Billion of Offshore Bonds, Presented Restructuring Plan to Creditors in 2023 December, Share Trading Suspended for 16 Months till 2023 August, Market Value Decreased -99% from $17 Billion in 2020 to Current Market Value of $140 Million
9th March 2024 – Deutsche bank has been reported to be preparing to file a liquidation lawsuit against China property developer & Hong Kong-listed Shimao Group after defaulting on a $1 billion offshore bond in 2022 July and triggering a default on $11.7 billion of all offshore bonds. In 2023 December, Shimao Group had presented a restructuring plan to creditors. Shimao Group share trading was suspended for 16 months till 2023 August, and the market value had decreased -99% from $17 billion in 2020 to current market value of $140 million (8/3/24). In 2023 August, Shimao Group Holdings share value had declined to $515 million (HKEX 4/8/23: HKD 4.03 billion) after 16 months share trading suspension, a 97% decline in market value from $17 billion in 2020. Shimao Group was founded in 2001 by Hui Wing Mau. In 2006, Shimao Group listed on Hong Kong Exchange.
China Property Developer Shimao Group Holdings Share Value Declined to $515 Million after 16 Months Share Trading Suspension, 97% Decline from $17 Billion Market Value in 2020
4th August 2023 – China property developer Shimao Group Holdings share value had declined to $515 million (HKEX 4/8/23: HKD 4.03 billion) after 16 months share trading suspension, a 97% decline in market value from $17 billion in 2020. Shimao Group was founded in 2001 by Hui Wing Mau. In 2006, Shimao Group listed on Hong Kong Exchange.
Shimao Group Holdings
Shimao Group Holdings Limited (“Shimao Group” or “the Company”, together with its subsidiaries, collectively as “the Group”; Hong Kong Stock Code: 813) was listed on the main board of The Stock Exchange of Hong Kong Limited on 5 July 2006. The Group develops large scale, high quality, integrated real estate projects, focusing on cities with high, dynamic economic growth potential in China. The Group is dedicated to the development of residential, hotel, office and commercial properties. Adhering to its mission, “Cultivating Life Taste”, the SHIMAO brand has led China’s property market with its pioneering “Riviera Model”, effectively integrating landscape, waterside, gardening and architectural elements into the daily life of every family, the outcome of which is a series of high-quality, classically-designed property projects. Incorporating innovation and foresight in our strategies, the Group is committed to “Accomplishing Urban Dreams” as we aspire to contribute to the process of urbanisation as an “urban operator”.
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