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home / news releases / property developer debt collection enters new phase

BKFCF - Property Developer Debt Collection Enters New Phase With Shimao Liquidation

Bank of Communications Co. Ltd.

2024-04-17 07:45:00 ET

Summary

  • A unit of China Construction Bank has asked a court to liquidate Shimao Group, which had a net debt ratio of 473.2% at the end of last year.
  • CCB Asia has taken legal action against three Hong Kong-listed Chinese real estate developers so far this year.
  • The serious real estate downturn of the last two years has produced a bumper crop of related non-performing loans for the banking sector.

A new phase of all-out war has begun in China’s sagging real estate industry, pitting struggling developers against their creditors seeking to recoup billions of dollars they’re owed....

For further details see:

Property Developer Debt Collection Enters New Phase With Shimao Liquidation
Stock Information
Company Name: Bank of Communications Co. Ltd.
Stock Symbol: BKFCF
Market: OTC
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