Shimao Dollar Bonds Jump on Asset-Sale Report: Evergrande Update
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Shimao Group Holdings Ltd.’s bonds rallied after a report that the embattled developer has put 34 projects across China up for sale, as it seeks to raise billions of dollars amid debt-repayment pressures.
One of China’s largest issuers of bonds in the offshore debt market among developers, Shimao is one of a string of companies trying to use asset sales to pay bills. The industry is working through a liquidity crunch in the wake of a government crackdown on excessive borrowing and speculation in the housing market. Regulators see asset sales as key to easing a crisis that might impede economic recovery.