China's Shimao Group receives liquidation petition

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January 10, 2025 10:45 AM EST

FILE PHOTO: Residential buildings developed by property developer Shimao Group are seen reflected on a glass panel of Shimao Tower in Shanghai, China January 13, 2022. REUTERS/Aly Song/File Photo

(Reuters) - China's Shimao Group said on Friday CPYM Link Investment Limited had filed a liquidation petition against the company in the Hong Kong high court regarding a 258 million yuan ($35.19 million) cross-border loan guarantee provided by the property developer.

The court has set the first hearing for the petition on March 19, 2025.

This is the second case of such petitions against Chinese property developers in the last two days. On Thursday, a petition was filed against embattled property developer Sunac China to wind down by asset manager China Cinda Asset Management.

Several property developers, including China Evergrande and Country Garden, have faced or are currently facing liquidation cases in Hong Kong since the property sector was hit by a liquidity crunch in 2021.

The crisis has forced Beijing to introduce a series of measures over the past years to revive the debt-ridden property sector in the world's second-largest economy.

($1 = 7.3326 Chinese yuan renminbi)

(Reporting by Sherin Sunny in Bengaluru; Editing by Pooja Desai and Shinjini Ganguli)


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