Shimao Group Faces Winding-Up Petition Hearing On November 11

Shimao Group (00813) said the High Court has set November 11 as the first hearing date for a winding-up petition filed by petitioner Guotong Trust, according to ETNet. The petition relates to about RMB 2.49 billion in judgment debt arising from four rulings issued by mainland courts. The company said the petitioner has already obtained significant collateral under the relevant contractual arrangements, including mainland real estate, and has also taken enforcement action in the mainland that led to the seizure of additional assets belonging to the principal debtor. Shimao said it is preparing to strongly oppose the petition and will continue settlement discussions with the petitioner.