Real Estate

Shimao says it’s in talks for property sales to help with debt problems

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An elderly couple walk past a sign in front of Shimao Tower, developed by Shimao Group Holdings Ltd., in Shanghai, China, on Saturday, Jan. 8, 2022.

Qilai Shen | Bloomberg | Getty Images

BEIJING — Chinese real estate developer Shimao Group Holdings pushed back Tuesday on reports of default and sales of prime property.

Shimao is one of China’s healthier developers. However, the company’s Hong Kong-listed and mainland-listed stocks and bonds have plunged in the last few months after warnings of a shortfall in sales. The volatility comes amid broader concerns about the Chinese real estate industry’s ability to pay off high amounts of debt.

In a filing on Tuesday, Hong Kong-listed Shimao Group…



Source cnbc.com

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