The bankruptcy hearing of General Growth Properties, the second largest operator of shopping malls in the US, is raising questions about standard structures used in commercial real estate lending.

The hearings come as the US government is trying to bolster the market for commercial real estate lending after financing ground to a halt, defaults rose and sales prices for office buildings, retail store space, hotels and apartment complexes have dropped 20 per cent over the past year. General Growth took an unusual step last month when, in its Chapter 11 filing, it included special-purpose entities (SPEs) for its shopping centres.