(Corrects spelling of 'COVID-19' in paragraph 4)

(Reuters) -The Hong Kong High Court has ordered the withdrawal of the winding-up petition against Chinese property company Shimao Group ( SIOPF ) filed by CPYM Link Investment, Shimao ( SIOPF ) said on Tuesday.

CPYM Link filed its petition against Shimao ( SIOPF ) on January 10 in relation to a cross-border loan guarantee of 258 million yuan ($35.5 million) issued by the Chinese property developer and a hearing was set for March 19.

Shimao's ( SIOPF ) press statement did not give a reason for the court's order.

Shimao ( SIOPF ) is one of several Chinese property developers who have, at some point, faced a liquidation case against them since the property sector suffered a liquidity crunch in 2021 due to the COVID-19 pandemic.

Other companies include China Evergrande ( EGRNF ), Country Garden ( CTRYF ) and Sunac China ( SNCHQ ). ($1 = 7.2631 Chinese yuan renminbi)