Another big Chinese real estate developer might need to sell off property
CNN
S&P, Moody's downgrade China's Shimao further in junk territory; Shimao says it's in talks to sell assets
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 to reduce its debt load.
"Shimao's liquidity has significantly deteriorated — the decline is worse than we previously anticipated," said S&P Global Ratings, which cut the company's credit rating to B-. Just two months ago, S&P was still rating Shimao as investment grade. "We now assess the company's liquidity to be weak."
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