Shimao Group drops on decision to hold creditor meetings to vote on ABS payment extension

Fantasia Holdings

13/01/2022 06:41

** Shares of Chinese property developer Shimao Group
Holdings  0813.HK  drop 8.3% to HK$4.98, their biggest daily
percentage decline since Dec 20
    ** Stock hit the lowest since Jan 10, set for the second
consecutive session of losses; sixth-biggest percentage decliner
in Hang Seng Composite Index  .HSCIPC , which tracks properties
and construction stocks 
    ** Shimao Group will hold meetings with investors in two
asset-backed securities (ABS) on Jan 17, to vote on payment
extension proposals, according to documents obtained by Reuters
 urn:newsml:reuters.com:*:nB9N2QO01U
    ** Shimao is seeking to extend payment deadlines, which are
due this month, to the end of 2022 - documents
    ** Hang Seng Mainland Properties Index  .HSMPI  drops 4.6%
and Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  falls 2%
    ** Shares of rivals China Evergrande Group  3333.HK ,
Guangzhou R&F Properties  2777.HK , Kaisa Group  1638.HK , and
Fantasia  1777.HK  fall between 3% and 5.5%
    ** Stock of bigger developer Sunac China  1918.HK  plunges
more than 19% on share sale plan  urn:newsml:reuters.com:*:nL1N2TT00L
    ** Hang Seng China Enterprises Index  .HSCE  eases 0.4% and
Hang Seng Index  .HSI  down 0.1%
       

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))