• Wed. May 18th, 2022

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China’s Shimao Group, another big Chinese real estate developer, might need to sell off property

This week, two major credit rating agencies downgraded Shanghai-based developer Shimao Group further into junk territory. The company has been grappling with mounting debt and is considering selling some properties…

China’s property problems spread to once-healthy developers like Shimao

InterContinental Shanghai Wonderland, a luxury hotel developed by Shimao and managed by IHG, opened in 2018 and is pictured here on Oct. 11, 2020. Costfoto | Future Publishing | Getty…