Hong Kong high court pulls winding-up petition against Shimao
Shimao’s press statement did not give a reason for the court’s order
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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 (Feb 25).
CPYM Link filed its petition against Shimao on January 10 in relation to a cross-border loan guarantee of US$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. REUTERS
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