China's Shimao says it has no deal to sell Shanghai plaza, shares slump

11/1/2022 5:33:00 AM
China's Shimao says it has no deal to sell Shanghai plaza, shares slump

China's Shimao says it has no deal to sell Shanghai plaza, shares slump

China's Shimao says it has no deal to sell Shanghai plaza, shares slump

HONG KONG :Shares of Chinese property developer Shimao Group Holdings fell 5per cent in early Asian trading on Tuesday after it denied a media report that it has entered into a preliminary agreement to sell a Shanghai plaza.Shimao said in a filing, however, it is in talks with some potential buyers and may co

HONG KONG :Shares of Chinese property developer Shimao Group Holdings fell 5per cent in early Asian trading on Tuesday after it denied a media report that it has entered into a preliminary agreement to sell a Shanghai plaza.Shimao said in a filing, however, it is in talks with some potential buyers and may consider disposing off some properties in order to reduce its indebtedness.

The Shanghai-based developer said it defaulted a trust loan last week after missing a 645 million yuan (US$101.10 million) payment that it guaranteed.Caixin reported over the weekend that Shimao had struck a preliminary deal with a state-owned company to sell its Shimao International Plaza Shanghai, for more than 10 billion yuan.

Read more: CNA »

Man 'bullies' MRT passenger into saying 'I'm a coward, I'm a coward'

Is this bullying? Read more at stomp.straitstimes.com Read more >>