HK-listed Shimao Group jumps on report of putting all property projects on sale

Shimao Services Holdings

10/01/2022 02:00

** Shares of Chinese property developer Shimao Group
Holdings  0813.HK  jump 7.9% to HK$5.07, the biggest daily
percentage gain since Jan. 4
    ** Stock on course to snap two sessions of losses; fifth
biggest percentage gainer in Hang Seng Composite Index on
properties and construction stocks  .HSCIPC  
    ** Shimao Group has put on sale all of its real estate
projects, including both residential and commercial properties,
as the cash-strapped Chinese property developer accelerates
asset disposals, Caixin reported  urn:newsml:reuters.com:*:nL1N2TQ00Y
    ** Shimao, which defaulted on a trust loan last week, has
asked agents since late-December to help seek buyers for its
properties, Caixin reported over the weekend
    ** Its property services unit Shimao Services Holdings
 0873.HK  climbs 1% 
    ** Hang Seng Mainland Properties Index  .HSMPI  jumps 2% and
 Hang Seng Composite Index tracking properties and construction
stocks  .HSCIPC  rises 1.1%
    ** Hang Seng China Enterprises Index  .HSCE  climbs 0.7% and
the benchmark Hang Seng Index  .HSI  gains 0.6%


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