HONG KONG (Reuters) - Embattled Chinese property developer Shimao Group ( SIOPF ) said on Wednesday a Hong Kong court had adjourned until Aug. 12 a liquidation hearing against the company, allowing it more time to work with creditors on a revised restructuring proposal.

Many Chinese property developers are facing liquidation lawsuits by creditors since the sector slipped into a debt crisis in 2021, with a handful, such as industry giant China Evergrande Group, ordered to be liquidated.

"The High Court has further adjourned the hearing for the petition to August 12," the company told the stock exchange in a brief filing.

The petition against Shimao ( SIOPF ) was filed in April by China Construction Bank (Asia) over non-repayments of about $200 million worth of loans.

The Shanghai-based developer, which defaulted on offshore debt of $11.5 billion in 2022, published sweetened terms for its restructuring last week to garner support from creditors, who had opposed the plan first laid out in March.

The new terms include adding a minimum cash interest payment for the new notes, enhancement of the guarantee and security package, and lowering the conversion price for mandatory convertible bonds to HK$6 ($0.77) a share from HK$8.5.

Shimao ( SIOPF ) also extended for the fourth time its deadline for an early consent fee, an incentive for creditors to back the restructuring plan, to Aug. 30.

Smaller peer Times China's ( TMPPF ) liquidation hearing was also adjourned to Aug. 12, a filing showed on Wednesday.

The same day Kaisa Group will have its next liquidation hearing, which could be one of the last for the Shenzhen-based developer before the Hong Kong High Court makes a ruling.

($1=HK$7.8119)