InterContinental Shanghai Wonderland, a luxury hotel developed by Shimao and managed by IHG, opened in 2018 and is pictured here on Oct. 11, 2020.
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BEIJING — One of China’s healthiest real estate developers has reportedly defaulted, a sign of how more pain is ahead for the heavily indebted industry.
Shimao Group shares briefly plunged more than 17% Friday after Reuters reported the property developer failed to make full repayment on a trust loan. A subsidiary of the company subsequently said in a filing it was in talks to resolve the payment. Shares closed more than 5% lower in Hong Kong, while most major developers posted gains for the…