Shimao Shares Surge on Report of Asset Sale Talks

(Bloomberg) — Embattled Chinese developer Shimao Group Holdings Ltd.’s shares jumped the most on record after financial news provider REDD reported that it’s in talks with a bigger rival on asset disposals.

The company’s stock closed 19% higher Monday in Hong Kong, while subsidiary Shanghai Shimao Co. surged by the 10% daily limit in Shanghai. Shimao’s dollar bonds also climbed.