Money Talks

Shimao reportedly selling all residential and commercial projects

Evergrande's bondholders are concluding a four-day meeting to decide whether the embattled property developer can shift forward the debt repayment date on one of its yuan-denominated bonds. The Chinese property giant, whose liabilities exceed $300 billion, is the world's most indebted developer. Meanwhile, shares in its rival Shimao have jumped 20%, on reports that it's selling all of its real estate projects, both residential and commercial. That's a turnaround from Friday when it's shares plunged almost 17%. The company defaulted on a loan after missing a $101 million payment. Patrick Fok has been following the story, and has more from Beijing. #Evergrande #Shimao #ChinaPropertyCrisis

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