Shimao Group hits lowest in more than a decade on China property concerns, rivals sink

Hopson Development Holdings

15/12/2021 03:14

** Shares of Chinese developer Shimao Group  0813.HK  fall
7.1% to HK$5.27, lowest since October 2011, as concerns linger
over the financial health of China's property sector
    ** Stock extends losses to a fourth session, biggest pct
decliner in the Hang Seng Composite Index tracking properties
and construction stocks  .HSCIPC 
    ** Shares and debt of Shimao plunged on Tuesday, triggered
by worries over an asset sale and cancelled apartment deals  
 urn:newsml:reuters.com:*:nL1N2SZ1R3
    ** The concerns were triggered by a weekend report that
homebuyers who had bought some of its apartments in Shanghai had
not been able to register for an ownership transfer, as they had
already been pledged to a trust 
    ** Stock of co's property services unit, Shimao Services,
 0873.HK  slips 1.9% after Nomura downgrades it to "neutral"
from "buy" and cuts TP to HK$4.65 from HK$30, saying the unit
set to become a potential financing tool for parent company 
    ** Shares in China Evergrande Group  3333.HK , which has
been at the heart of China's property meltdown this year, fall
4.4% to a fresh low since their debut in November 2009
    ** Sunac China  1918.HK  falls 5% to lowest since May 2017;
KWG  1813.HK  drops 4.9% to lowest since August 2019 
    ** The Hang Seng Index  .HSI  climbs 0.2%

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