Chinese property developer Shimao Group confirmed in a stock exchange announcement on Monday that its creditor, state-owned bank China Construction Bank (Asia), has filed a winding up petition before a court in Hong Kong.
The case concerns an unpaid loan totalling almost $1.6 billion Hong Kong (about $200 million US), it said in the statement.
Shimao said the company would "oppose the petition vigorously" in order to protect the interests of its stakeholders.
In February, property developer Country Garden confirmed its creditor Ever Credit Limited had filed a winding-up petition.
Country Garden follows on the heels of China Evergrande, the world's most indebted property developer, which was ordered to be wound up by a Hong Kong court at the end of January.
The crisis in the sector, which contributes around a fifth of China's annual economic output, is weighing heavily on the world's second-largest economy.
The government in Beijing has already tried to counteract this by easing lending restrictions and drawing up a list of construction projects in which banks should invest.