The ailing real estate giant is being sued over its failure to repay a loan to state-backed China Construction Bank (Asia) amid a controversial debt restructure

The creditors’ opposition to the proposal could be a major problem for the ailing property giant and China’s crisis-hit real estate sector

The struggling real estate firm blamed "market uncertainties over debt refinancing” for being unable to repay its creditors in time

Shimao defaulted on a trust loan last month and has been scrambling to extend debt maturities including asset-backed securities and trust loans with creditors

The rises came after banks in Heze, a city in eastern Shandong province, eased mortgage requirements for some home purchases

Chinese furniture makers, window and curtain firms, as well lighting companies, may be forced to issue profit warnings as Evergrande’s woes bite

Developer and its chairman sold a Shanghai hotel and a stake in a Hong Kong development, respectively, for a total of $836 million

The deal is part of the Chinese government's push to buy assets from cash-strapped private developers amid efforts to stabilise and tighten control

Chinese state-owned property firms are expected to acquire more assets from cash-strapped private developers, as Beijing steps up efforts to stabilise and tighten control over crisis-hit sector

Shimao and Yuzhou are scrambling to negotiate new terms with creditors to avoid default, while Evergrande secured a crucial payment delay

Shimao Group said it is in talks with potential buyers such as China Vanke and may consider disposing of some properties to reduce debt