China’s Shimao plunges 15% after developer receives liquidation petition By Reuters


HONG KONG (Reuters) – Shares in China’s Shimao Group fell 15% to HK$0.73 on Monday, their lowest since Sept. 26, after the property developer received a liquidation petition.

© Reuters. FILE PHOTO: The logo of property developer Shimao Group is seen in front of the Shimao International Plaza in Shanghai, China January 13, 2022. REUTERS/Aly Song/File Photo

Shimao said that on Friday CPYM Link Investment filed a liquidation petition against the company in Hong Kong’s high court regarding a 258 million yuan ($35.2 million) cross-border loan guarantee provided by property developer.

($1 = 7.3308 yuan)





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