China's Shimao Group receives liquidation petition (updated)

Shimao group

10/01/2025 15:41

(Adds details on hearing and background from paragraph 2
onwards)
       Jan 10 (Reuters) - China's Shimao Group  0813.HK  said
on Friday CPYM Link Investment Limited had filed a liquidation
petition against the company in the Hong Kong high court
regarding a 258 million yuan ($35.19 million) cross-border loan
guarantee provided by the property developer.
    The court has set the first hearing for the petition on
March 19, 2025.
    This is the second case of such petitions against Chinese
property developers in the last two days. On Thursday, a
petition was filed against embattled property developer Sunac
China  1918.HK  to wind down by asset manager China Cinda Asset
Management  1359.HK .
    Several property developers, including China Evergrande
 3333.HK  and Country Garden  2007.HK , have faced or are
currently facing liquidation cases in Hong Kong since the
property sector was hit by a liquidity crunch in 2021.
    The crisis has forced Beijing to introduce a series of
measures over the past years to revive the debt-ridden property
sector in the world's second-largest economy.

($1 = 7.3326 Chinese yuan renminbi)

 (Reporting by Sherin Sunny in Bengaluru; Editing by Pooja Desai
and Shinjini Ganguli)
 ((Sherin.Sunny@thomsonreuters.com;))