Troubled Chinese developer Shimao's unit to sell stake in three SPACs for $268m

Troubled Chinese developer Shimao's unit to sell stake in three SPACs for $268m

Photographer: SeongJoon Cho /Bloomberg

Chinese developer Shimao Group Holdings said on Friday its unit Fortune Spring Ventures would sell the stake it holds in three special purpose vehicles for HK$2.09 billion ($267.89 million).