(Reuters) -Embattled Chinese property developer Shimao Group ( SIOPF ) said on Thursday a Hong Kong court had adjourned a winding up petition against the company to Dec. 16, allowing Shimao ( SIOPF ) more time to work with creditors on a revised restructuring proposal.

Since the Chinese property sector plunged into a debt crisis in 2021, numerous developers, including major players like China Evergrande Group, have been hit with liquidation lawsuits from creditors, with some firms already ordered to dissolve.

The high court has postponed the liquidation petition against Shimao ( SIOPF ) for the third time, following previous adjournments on July 31 and June 26 this year.

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

Shimao ( SIOPF ), a property developer based in Shanghai, failed to meet its offshore debt obligations totaling $11.5 billion in 2022.

In response to creditors' opposition to its initial restructuring plan presented in March, the company recently released an improved version of the proposal.

These terms aim to gain more support from the creditors for the company's debt restructuring efforts.