BUZZ-China's Shimao at 3-1/2 months low on liquidation petition

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BUZZ-China's Shimao at 3-1/2 months low on liquidation petition

Reuters01-13

** Shares of China's Shimao Group dropped as much as 15.1% to HK$0.73, their lowest since Sept. 26

** Shimao said on Friday CPYM Link Investment filed a liquidation petition in the Hong Kong high court regarding a 258 mln yuan ($35.2 mln) cross-border loan guarantee by Shimao

** First hearing set for March 19

** This is the second such case since last week when China Cinda Asset Management filed a petition against Sunac China

** Sunac China said it would oppose the petition and was in active talks with China Cinda's unit to find a solution

** Shares of Sunac China, which plunged 25.7% on Friday, rebound 10.8% on Monday morning

** Hang Seng Mainland Properties Index gains 0.2%, while index tracking properties and construction stocks

slips 0.7% and Hang Seng Index falls 1.3%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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