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

SHARES of China’s Shimao Group dropped 15 per cent 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 (S$48.3 million) cross-border loan guarantee provided by the property developer. REUTERS