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 supplied by the property developer.
($1 = 7.3308 yuan)
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