Shimao, once hailed as one of China’s stronger developers, sued by UOB over terms of US$1.3 billion loan

• Shimao purportedly re-allocated loans and allotted shares between entities without the Singapore bank’s consent, UOB said in its July 12 writ in Hong Kong
• The accusations involve a 2017 agreement for UOB and other lenders to grant loan facilities of up to HK$10 billion (US$1.3 billion) to Shimao’s entity Adventure Success