Shimao Slumps 67% After Posting Steep Losses in Delayed Results

(Bloomberg) — Shimao Group Holdings Ltd.’s stock slumped by the most ever as trading resumed following a 16-month halt and the defaulted Chinese developer disclosing steep losses the past two years in long-delayed results, underscoring the property sector’s lingering financial stress.

Shares plunged as much as 67% in Hong Kong. They had last traded on March 31 of last year, before Shimao failed to publish unaudited 2021 results. During the trading halt, a Bloomberg Intelligence gauge of the sector dropped 32%. Shimao’s market value, which peaked in 2020 at $17 billion, has shrunk to $725 million.