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Chinese Real Estate Crisis: China Construction Bank Files Liquidation Petition Against Shimao Group

Since 2021, China's real estate industry has faced turmoil due to regulatory actions targeting the substantial debts accumulated by certain companies. This crackdown has resulted in a series of defaults, including prominent firms like Evergrande and Country Garden, facing liquidation petitions. The latest major developer in a survival battle is Shimao Group, which recently disclosed that it has received a liquidation petition from China Construction Bank. Watch for more details!

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