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Shimao Jumps By Record on Report of Asset Sale Discussions

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Embattled Chinese developer Shimao Group Holdings Ltd.’s shares jumped the most on record after REDD reported that it’s in talks with a bigger rival on asset disposals.

The company’s stock closed 19% higher in Hong Kong on Monday, while subsidiary Shanghai Shimao Co. surged by the 10% daily limit in Shanghai. Shimao’s dollar bonds also climbed.