Property Stocks Rally, Shimao Pares Losses: Evergrande Update
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A unit of Shimao Group Holdings Ltd. at the center of a missed loan payment said the incident won’t trigger investor demands for accelerated repayment of its debt in public markets. Property stocks rallied on a report that policymakers will ease some financing restrictions.
The business said in a stock exchange filing that it faces liquidity pressure and will take steps to quicken asset sales. The company said it hasn’t suffered any public-market debt default.