Shimao was given a four-week reprieve by a Hong Kong court on Wednesday, giving it more time to secure lenders' approval for its debt restructuring proposal, as a growing number of creditor-led liquidation petitions put pressure on the sector. Country Garden Holdings, once China's biggest developer by sales, is also facing a liquidation hearing next month, while Dexin, a medium-sized developer in the east Zhejiang province was ordered by a Hong Kong court to be liquidated this month. "The policy effect of stimulating demand is limited," said Zhao Xuxiang, an analyst at Orient Securities.