Shimao Group shares slump, trading of flagship unit's bonds paused

Shares of Shimao Group Holdings trading in Hong Kong fell on Friday as well as the price of bonds issued by its flagship unit, prompting the Shanghai Stock Exchange to suspend trading of three of the bonds.

Shimao Group shares fell more than 17% in early trade in Hong Kong. A July 2022 Shanghai exchange-traded bond issued by its unit Shanghai Shimao Co fell more than 25%, triggering a trading pause over what the Shanghai Stock Exchange said was "abnormal fluctuations."