BUZZ-China's Shimao hits 8-week high on winding-up petition withdrawal

Reuters02-26

** Shares of property firm Shimao Group 0813.HK rise as much as 20.2% to HK$1.07, their highest level since January 2

** Stock posts biggest intraday pct gain since February 12, last up 11.2% at HK$0.99

** Embattled developer said after market hours on Tuesday that the Hong Kong High Court had ordered withdrawal of the winding-up petition against the firm

** CPYM Link Investment filed the petition in January regarding cross-border loan guarantee of 258 mln yuan ($35.54 mln) issued by the Chinese property developer

** Shimao secured creditor backing to restructure about $11.04 billion in offshore debt earlier this week

** Fellow property developers Sunac China 1918.HK up 4.6%, Sino-Ocean 3377.HK gains 2.8% and Seazen 1030.HK rises 4.5%

** Shimao shares down 3.9% so far this year

($1 = 7.2588 Chinese yuan)

(Reporting by Sneha Kumar in Bengaluru)

((Sneha.Kumar@thomsonreuters.com;))

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