China's Shimao plans to repay publicly issued debt due in Q4: Report

Shimao saw sharp falls in its shares and debt earlier this month, triggered by worries over an asset sale and cancelled apartment deals.

Chinese developer Shimao Group Holdings has told trust firms that it plans to make payments on its publicly issued bonds and interest that are due in the fourth quarter, financial intelligence provider REDD reported on Friday.
 

Shimao also plans to pay migrant workers salaries before the Chinese New Year, REDD said, citing unidentified sources.

Chinese developers have been under enormous strain this year as regulators have sought to reduce leverage in the heavily indebted sector with rules capping their ability to issue new debt.
 

Shimao saw sharp falls in its shares and debt earlier this month, triggered by worries over an