HONG KONG -- A top state-owned Chinese bank has filed a petition to wind up property developer Shimao Group Holdings in Hong Kong -- the latest sign of the country's spreading real estate crisis and one that raises questions over the fate of projects "white-listed" by the government.
China Construction Bank (Asia) filed last Friday to wind up Shimao over an unpaid debt of 1.58 billion Hong Kong dollars ($200 million), the developer disclosed on Monday in a filing to the Hong Kong exchange.
