(Reuters) – The Hong Kong High Court has ordered the withdrawal of the winding-up petition against Chinese property company Shimao Group 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 […]
Business
Hong Kong high court pulls winding-up petition against Shimao
Audio By Carbonatix
(Reuters) – The Hong Kong High Court has ordered the withdrawal of the winding-up petition against Chinese property company Shimao Group 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-19 pandemic.
Other companies include China Evergrande, Country Garden and Sunac China. ($1 = 7.2631 Chinese yuan renminbi)
(This story has been refiled to say ‘COVID-19’ and not ‘COVID 10’ in paragraph 4)
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Savio D’Souza)