China's Shimao drops 15% after developer receives liquidation petition

Reuters

01/13

HONG KONG, Jan 13 (Reuters) - Shares of China's Shimao Group 0813.HK dropped 15% to HK$0.73 on Monday, their lowest since Sept. 26, after the property developer received a liquidation petition.

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

($1 = 7.3308 yuan)

(Reporting by Hong Kong newsroom; Editing by Tom Hogue)

((donny.kwok@thomsonreuters.com; +852 3462 7745;))

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