SHANGHAI [CHINA], Amid the real estate crisis in China, Shimao Group, another Shanghai-based property giant, on Monday said it has received a liquidation petition from the Chinese state-owned bank, seeking to get the money back from the creditor. Another example of taking legal action. From troubled developers in the world's second-largest economy, CNN reported on Monday that a "winding up petition" was filed against the company by China Construction Ban (Asia) in Hong Kong on April 5, according to a stock exchange filing by Shimao. The petition "is in respect of the company's financial obligation of approximately HK$1,579.5 million (USD 204 million)," the filing said, adding that Shimao said it would "vigorously oppose the petition" and work toward an offshore restructuring. "The company believes that the petition does not represent the collective interests of the company's offshore creditors and other stakeholders," it said, adding that Shimao's debt problems will last until July 2022. when it failed to pay interest and principal. US$1 billion bond. The company's shares fell more than 14 percent in Hong Kong on Monday, having fallen by nearly 40 percent this year, as China's vast real estate sector plunged into crisis after the government cracked down on excessive borrowing by developers in 2020 in an effort to pare down property assets. But put a stop to it.Bubble. Since then, dozens of Chinese developers have not repaid their loans, CNN reports. The industry has since become a drag on the broader economy, which is making a slow recovery from three years of pandemic-induced lockdowns and a series of headwinds, from record high youth unemployment to rising financial strains on local governments. In January, Evergrande, the world's most indebted property developer and a precursor to China's property crisis, was ordered into liquidation by a Hong Kong court. The liquidation order given by the city's High Court came after the Chinese real estate giant and its foreign creditors failed to reach an agreement. There are still questions over how to restructure the company's massive debt amid 19 months of negotiations, and questions remain about what impact Evergrande's collapse will have on investors, thousands of workers and home buyers waiting to buy their apartments.Country Garden, another major developer that has defaulted on its loan. A liquidation petition was received in February from a creditor over non-payment of loan last year.