China’s Shimao Group in talks with buyers, may consider sale of some properties

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FILE PHOTO: Man walks past a wall carrying the logo of Shimao Group, with residential buildings and the financial district of Pudong seen in the background, in Shanghai

– China’s Shimao Group Holdings said on Tuesday it was in talks with potential parties and may consider selling some properties to reduce its debt, a day after reports said it had put all of its real estate projects on sale.

The property developer, responding to the media reports, also said it had not entered any deal to sell Shanghai Shimao International Plaza, a commercial property in Shanghai, and that it had “no outstanding asset-backed securities due and payable” as of Tuesday.

(Reporting by Sameer Manekar in Bengaluru; editing by Uttaresh.V)