12:10 AM EDT, 08/05/2022 (MT Newswires) -- Shanghai Shimao's (SHA:600823) sales of contracted property plunged 72% year over year in value to about 5.5 billion yuan ($815.1 million), the company said Friday.
The cash-strapped Chinese property developer said it has so far reached 42% of its annual contracted sales target.
The drop in Shanghai Shimao's sales came amid a sector-wide slowdown in sales as the new regulatory environment made it harder for developers to secure funds to meet their liabilities and to fund property development projects.
Shanghai Shimao and its parent company Shimao Group (HKG:0813) are among those facing a cash crunch.
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