Hong Kong high court pulls winding-up petition against Shimao (updated)

Shimao group

25/02/2025 09:53

(Updates with details, background from paragraph 2 onwards)
       Feb 25 (Reuters) - The Hong Kong High Court has ordered
the withdrawal of the winding-up petition against Chinese
property company Shimao Group  0813.HK  filed by CPYM Link
Investment, Shimao said on Tuesday.
    CPYM Link filed its petition against Shimao on January 10 in
relation to a cross-border loan guarantee of 258 million yuan
($35.5 million) issued by the Chinese property developer and a
hearing was set for March 19.
    Shimao's press statement did not give a reason for the
court's order.
    Shimao is one of several Chinese property developers who
have, at some point, faced a liquidation case against them since
the property sector suffered a liquidity crunch in 2021 due to
the COVID-10 pandemic.
    Other companies include China Evergrande  3333.HK , Country
Garden  2007.HK  and Sunac China  1918.HK .
 
 ($1 = 7.2631 Chinese yuan renminbi)


 (Reporting by Adwitiya Srivastava in Bengaluru; Editing by
Savio D'Souza)
 ((Adwitiya.Srivastava@thomsonreuters.com;))