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

A man walks past a wall carrying the logo of Shimao Group, with residential buildings and the financial district of Pudong seen in the background, in Shanghai, China January 1, 2013. REUTERS/Stringer/Files

SHANGHAI, Jan 7 (Reuters) - Shares of Shimao Group Holdings (0813.HK) 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 (600823.SS) fell more than 25%, triggering a trading pause over what the Shanghai Stock Exchange said was "abnormal fluctuations."

Reporting by Andrew Galbraith; Editing by Christian Schmollinger

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