Pedestrians near the Riviera Garden residential property, developed by Shimao Group Holdings Ltd., in Shanghai, China, on Saturday, Jan. 8, 2022.
Qilai Shen | Bloomberg | Getty Images
Shares of Shimao spiked nearly 7% on Monday after Chinese business publication Caixin reported the embattled developer is selling all of its real estate projects, both residential and commercial.
As debt worries within China’s real estate sector mount, developers such as Evergrande have been attempting to sell off their assets in recent months to ease the cash crunch.
Shimao would be the latest to follow suit. The stock has since pared its gains but was still trading more than 2% higher.
The rally marked a…