Now Shimao Group is the latest big Chinese property developer to face a survival battle.
On Monday the company said it faced a liquidation petition filed by China Construction Bank.
That marks a rare move by a state-owned lender to take action against a developer.
Legal moves against other troubled firms such as Evergrande were started by overseas creditors.
Shimao's Hong Kong-listed shares tumbled as much as 12% in early trades on Monday.
That helped drive the city's benchmark Hang Seng index around 1% lower.
The developer said it would "vigorously" oppose the lawsuit, and press on with restructuring efforts.
China's property sector has been in crisis since 2021 after regulators started cracking down on the massive debts built up by some firms.
A string of defaults has ensued, leading to liquidation petitions at firms including Evergrande and Country Garden.
Property sales and investment have also tumbled, raising alarm in Beijing, with the sector at one time accounting for around a quarter of China's economy.
Shimao missed payments on one bond in 2022, leaving its entire $11.7 billion in offshore debt in default.
Reuters sources say creditors have already flagged opposition to its restructuring plan, concerned by the potential losses they could face.
