In a stunning development, Chinese real estate giant Shimao Group Holdings is facing liquidation demands from its creditor, China Construction Bank. The news sent the company’s shares plummeting to a record low of 0.39 Hong Kong dollars on Monday. This latest setback follows in the footsteps of other Chinese project developers that have struggled to pay off their debts amidst the economic crisis surrounding Evergrande and Country Garden. Despite efforts by the government to restore confidence in the sector, which was once China’s economic powerhouse, the real estate market continues to falter, causing many investors to hesitate and resulting in stalled projects.
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