China's Shimao at 3-1/2 months low on liquidation petition

Shimao group

13/01/2025 03:26

** Shares of China's Shimao Group  0813.HK  dropped as much
as 15.1% to HK$0.73, their lowest since Sept. 26
    ** Shimao said on Friday CPYM Link Investment filed a
liquidation petition in the Hong Kong high court regarding a 258
mln yuan ($35.2 mln) cross-border loan guarantee by Shimao
    ** First hearing set for March 19
    ** This is the second such case since last week when China
Cinda Asset Management  1359.HK  filed a petition against Sunac
China  1918.HK 
    ** Sunac China said it would oppose the petition and was in
active talks with China Cinda's unit to find a solution
    ** Shares of Sunac China, which plunged 25.7% on Friday,
rebound 10.8% on Monday morning
    ** Hang Seng Mainland Properties Index  .HSMPI  gains 0.2%,
while index tracking properties and construction stocks
 .HSCIPC  slips 0.7% and Hang Seng Index  .HSI  falls 1.3%

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))