Defaulted Builder Shimao Receives New Winding-Up Petition

Shimao Group Holdings Ltd. received another liquidation petition in Hong Kong, one month after its last winding-up case was dismissed, adding new uncertainty to the defaulted builder’s restructuring.

The winding-up petition against Shimao, known for its five-star hotel developments, was filed by CPYM Link Investment, and a hearing is scheduled for March 19, according to Hong Kong’s judiciary website.

Shanghai-based Shimao in December won a Hong Kong court decision to dismiss a similar petition, which was filed by China Construction Bank (Asia) Corp. in April last year.

Shimao, once one of China’s biggest developers, appeared to be making progress on ...