Hong Kong high court pulls winding-up petition against Shimao

The Hong Kong High Court has ordered the withdrawal of the winding-up petition against Chinese property company Shimao Group (0813) 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 (HK$276.7 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 (3333), Country Garden (2007) and Sunac China (1918).

REUTERS