Chinese developer Shimao to miss 2021 sales target amid tightening- investors

HONG KONG : Chinese developer Shimao Group has told investors its sales this year will be 12per cent below target due to a national credit tightening, and it could consider selling assets, investors told Reuters.

In an investor call on Friday, Shimao a executive said that to boost confidence, the company would start repurchasing some shares and bonds, according to two people who joined the call. In a separate filing, Shimao denied reports that it had discussed extending the payment schedule for its borrowing with Lujiazui International Trust, adding the cooperation with the trust company is normal and stable.

During the call, the Shanghai-based developer said its project companies may have issued some wealth management products but the amount is very small, the investors said.

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