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

by Mike Robinson

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© Reuters. FILE PHOTO : In Shanghai, China on January 1, 2013, a man walks by a wall bearing the logo Shimao Group. The background shows residential buildings as well as the Financial District of Pudong. REUTERS/Stringer

(Reuters). China’s Shimao Group Holdings announced Tuesday that they are in negotiations with potential partners and might consider selling properties to lower its debt. The announcement came after reports claimed it had placed all of its real-estate projects up for sale.

Responding to media reports, the property developer also stated that it has not entered into any agreement to sell Shanghai Shimao International Plaza. This is a Shanghai commercial property. It added that there were “no outstanding assets-backed securities due or payable” as of Tuesday.

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