China property developer & Hong Kong-listed Shimao Group has been removed from the Shanghai Stock Exchange for trading below CNY 1 for 20 consecutive trading days after 30 years of listing since IPO in 1994, and closing the day with a market value of $221 million (16th May 2024). In April 2024, China 2nd largest bank China Construction Bank (CCB) filed a liquidation petition against China property developer & Hong Kong-listed Shimao Group for failure to repay $200 million of loans. In March 2024, Deutsche bank has been reported to be preparing to file a liquidation lawsuit against Shimao Group after defaulting on a $1 billion offshore bond in 2022 July and triggering a default on $11.7 billion of all offshore bonds. In 2023 December, Shimao Group had presented a restructuring plan to creditors.