China's 'too small' property rescue leaves market wanting more

Shimao wind-up case paused until July 31 as developers, banks face more pressure

The rescue package by the People's Bank of China, the country's central bank, is widely deemed to be "insufficient" by market watchers. (Photo by Mizuho Miyazaki)

ECHO WONG, Nikkei staff writer

June 26, 2024 12:12 JST

HONG KONG -- China's latest attempt to rescue its property market by buying up unsold homes and cutting mortgage rates has yet to revive confidence, while a slew of developers continue to grapple with wind-up petitions in Hong Kong.

The Hong Kong High Court on Wednesday held a liquidation hearing for distressed Shanghai-based developer Shimao Group Holdings and decided to adjourn until July 31. The court did not give a reason for the postponement.