Chinese developer Shimao at record low as it faces liquidation petition

Shimao group

08/04/2024 03:28

** Shares of Chinese property developer Shimao Group
 0813.HK  drop 12.1% to HK$0.40, lowest since July 2006 debut
    ** Stock on track for the biggest one-day pct decline since
Jan. 17; biggest pct loser in Hang Seng Composite Index  .HSCI 
and second-biggest among properties and construction stocks
 .HSCIPC 
    ** Shimao said on Monday that China Construction Bank (Asia)
 601939.SS  had filed a liquidation petition against it in Hong
Kong over a financial obligation of HK$1,579.5 mln ($201.8 mln)
    ** Hang Seng Mainland Properties Index  .HSMPI  climbs 0.4%,
Hang Seng Composite Index  .HSCI  adds 0.6% and Hang Seng Index
 .HIS  gains 0.4%
    ** Stock down 36.9% YTD

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