China's Shimao says it has no deal to sell Shanghai plaza, shares slump -Breaking

HONG KONG, (Reuters) - Shares in Chinese property developer Shimao Group Holdings dropped 5% on Tuesday morning after the company denied a report by media that it had entered into a preliminary deal to sell a Shanghai plaza. Shimao stated in a filing that it was in discussions with potential buyers. It may also consider selling some properties to lower its debt. After missing 645 million Yuan ($101.10 Million) of its promised payment, the Shanghai-based developer declared it had defaulted on a trust loan. Caixin reports that Shimao struck an agreement with a state-owned firm to sell the Shimao International…