When China Construction Bank (Asia) decided to file a liquidation petition in Hong Kong against property giant Shimao Group earlier this month, analysts saw it as a sign that China’s property sector was still in crisis. But restructuring, liquidation and insolvency specialists saw something else: an opportunity to grow their business by taking advantage of burgeoning demand for their expertise.

“Many creditors are coming to us seeking advice … they have started to consider formal insolvency options,” said Tiffany Wong, managing director at Alvarez & Marsal. “As you can see in cases like Shimao and Country Garden, creditors are seeking alternative recovery options when consensual restructuring is not progressing after years of discussions.”