Top developer Shimao's share price slump triggers China property concerns

Property in Beijing. Photo: Bloomberg

Sharp falls in Shimao Group’s shares and debt, triggered by worries over an asset sale and cancelled apartment deals, renewed concerns on Tuesday over China’s property sector.

Shares in Shimao, which was one of China’s top-10 developers last year and investment grade-rated until a month ago, fell a record 20% and the price of its bonds fell heavily, while other firms’ stocks also dropped.

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