Real Estate
Shimao, Times China Wind-Up Hearings Adjourned Amid Debt Talks
- Both builders have been in talks with creditors on proposals
- Shimao was once one of China’s top property developers
Creditors have flocked to Hong Kong courts amid the financial turmoil in China’s property sector, trying to claw back money from a growing list of defaulters.
Source: Bloomberg
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Liquidation hearings against Shimao Group Holdings Ltd. and Times China Holdings Ltd. have been adjourned until Aug. 12 as the two troubled Chinese developers try to gain creditors’ support for their restructuring proposals.
A legal representative for Shimao’s winding-up petitioner asked for “an opportunity to properly consider the revised term sheet.” While Shimao and a creditor group sought a 10-week adjournment, the Hong Kong judge granted them less than two weeks.