Hong Kong Court Dismisses Winding-Up Petition Against Shimao Group

MT Newswires Live

2024/12/03

A Hong Kong court dismissed by consent the winding-up petition filed by China Construction Bank (SHA:601939, HKG:0939) against Shimao Group (HKG:0813), according to a Monday filing with the Hong Kong Exchange.

The case stems from the non-payment of HK$1.58 billion of financial obligations, the filing said.

Shimao's scheme creditors holding 79.06% of the debt showed support for the planned restructuring of Shimao's offshore debt, the filing said.

Shares slid 1% during Tuesday's midday trading.

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