He appeared wearing handcuffs and a grey tracksuit and confirmed he understood the charge.
A detective sergeant said the murder weapon had been identified as an iron bar and the victim died as a result of blunt force trauma to the abdomen resulting in a haemorraged spleen and internal bleeding.
The court heard that the victim was seen leaving a flat in the early hours of 10 January unsteady on his feet and with facial injuries, before “taking refuge” at the property at Society Court.
The detective said Reid called two people to tell them what happened.
Outlining what those two individuals have since told police, the officer said: “One has said that Mr Shaw and three others were responsible for carrying out an assault on him and another outlines how a weapon was used to carry out an assault and also names Mr Shaw and one other.”
It was also heard the murder followed an ongoing dispute over drug debt and a vehicle.
The court heard details of Shaw’s pre-prepared statement from police questioning in which he denied the murder: “I did not murder Wayne Reid.”
Objecting to bail, the detective sergeant said they believed the defendant was likely reoffend and gave details of 84 previous convictions.
Bail was refused and district judge Austin Kennedy said Shaw was “clearly a danger to the public if released on bail”.
Friends of Reid seated in the public gallery of the courtroom were visibly upset during the proceedings.
The police investigation continues into the murder.
Five other people – a 30-year-old man and four women aged 19, 38, 39 and 45 – are still being questioned.
The Police Service of Northern Ireland (PSNI) said detectives have been granted a court extension of an additional 36 hours to question the 19-year-old woman.
The funeral for Mr Reid is taking place on Monday afternoon.