Shimao Group’s share price plunged as much as 17 per cent on Friday morning. Photo: Shutterstock
Shimao Group’s share price plunged as much as 17 per cent on Friday morning. Photo: Shutterstock

Shimao Group’s Shanghai unit defaults on US$101m project loan in latest blow to China’s embattled property market

  • Developer’s subsidiary fails to fulfill obligation as a guarantor for a trust product, China Credit Trust tells investors
  • Shimao’s share price and bonds slump, though it denies defaulting “on any loan in the open market”

Shimao Group’s share price plunged as much as 17 per cent on Friday morning. Photo: Shutterstock
Shimao Group’s share price plunged as much as 17 per cent on Friday morning. Photo: Shutterstock
READ FULL ARTICLE