Chinese developer Shimao slumps on report of loan restructuring proposal

HONG KONG (Reuters) - Shares of cash-strapped Chinese developer Shimao Group slumps more than 8% on Wednesday, following a report it has appointed advisers for a restructuring proposal on a syndicate loan.

Debtwire reported on Tuesday the firm appointed Admiralty Harbour and Sidley Austin as advisers.

(Reporting by Clare Jim and Jason Xue; Editing by Jacqueline Wong)