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

HONG KONG (Reuters) – Shares of China’s Shimao Group dropped 15% 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 ($35.2 million) cross-border loan guarantee provided by the property developer.

($1 = 7.3308 yuan)