HK-listed Shimao Group rises after creditors approve ABS payment extension

Shimao Services Holdings

18/01/2022 02:33

** Shares of Chinese developer Shimao Group  0813.HK  surge
as much as 5.6% to HK$5.10, their biggest daily pct gain since
Jan. 10 
    ** Stock is the fourth-biggest gainer in Hang Seng Composite
Index on properties and construction stocks  .HSCIPC  
    ** The cash-strapped property developer Shimao Group has won
approval from creditors to extend the payment deadline of a 450
mln yuan ($70.9 mln) asset-backed security (ABS), one source
with direct knowledge said on Monday  urn:newsml:reuters.com:*:nL1N2TX0LX
    ** Its property services unit  0873.HK  rises 1.5%  
    ** Hang Seng Mainland Properties Index  .HSMPI  rises 1.4%
and Hang Seng Composite Index tracking properties and
construction stocks  .HSCIPC  gains 0.5%
    ** The Hang Seng China Enterprises Index  .HSCE  climbs 0.7%
and the benchmark Hang Seng Index  .HSI  is up 0.3%


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