Real Estate

Moody’s downgrades China property developer Shimao over debt troubles

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Signage at the Intercontinental Shanghai Wonderland Hotel, developed by Shimao Group Holdings, in Shanghai, China, on Feb. 9, 2022.

Qilai Shen | Bloomberg | Getty Images

BEIJING — Moody’s downgraded Chinese property developer Shimao Group Holdings on Wednesday based on expectations that the company will find it harder to repay investors on time.

The move reflects ongoing troubles in China’s massive real estate sector, despite a trickle of local government announcements in the last few weeks aimed at encouraging more homebuying.

Moody’s cut its rating on Shimao by two notches, to Caa1 from B2 — both in the “non-investment grade” category. The ratings agency’s outlook on the developer is…



Source cnbc.com

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