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

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 obtained a liquidation petition.

Shimao mentioned on Friday CPYM Hyperlink Funding had filed a liquidation petition towards the corporate within the Hong Kong excessive courtroom relating to a 258 million yuan ($35.2 million) cross-border mortgage assure offered by the property developer.

($1 = 7.3308 yuan)