Shares of Chinese property giant Shimao Group plummeted to a historic low on Monday following news that it was facing a winding-up petition from China Construction Bank, one of the country's largest banks. The petition, filed on Friday, relates to a financial obligation of approximately US$200 million.

In response to the petition, Shimao Group issued a filing to the Hong Kong stock exchange vowing to vigorously oppose the action while continuing efforts to restructure its debt. The company emphasized that the petition does not reflect the collective interests of its offshore creditors and other stakeholders.

Shimao Group is a prominent developer in China, with a diverse portfolio of residential, office, hotel, and commercial properties in major cities such as Shanghai and Beijing.

The announcement triggered a sharp sell-off in Shimao Group's shares, which tumbled over 14 percent to reach a record low of HK$0.39 in Hong Kong trading on Monday.

This development underscores ongoing concerns about the stability of China's property sector, which has been grappling with a severe debt crisis amid government efforts to address mounting economic challenges.