Chinese developer Shimao Group Holdings said property sales at its mainland-listed subsidiary slumped last month, piling further financial pressure on one of the country’s top real estate companies.Contracted sales at Shanghai Shimao sank 62 per cent to 1 billion yuan (US$158.4 million) in February from a year earlier, according to a filing to the Shanghai Stock Exchange on Tuesday.Shimao, founded by Hui Wing Mau, also known as Xu Rongmao, in 1989, was regarded as a sound and restrained…
Source : South China Morning Post
Read more…Property sales at Shimao Group’s Shanghai-listed unit sink 62 per cent in February
