Shimao Group’s shares plunged after a deal between two affiliates appeared designed to raise cash quickly. On paper, the developer is in sound health; some of its crashing bonds enjoy investment-grade ratings. If those scores aren’t credible, more volatility is on the way. Full view will be published shortly. Follow @ywchen1 on Twitter CONTEXT NEWS - Shanghai Shimao said on Dec. 14 it planned to sell its property management business, including all related assets, liabilities and operations, to sister firm Shimao Services, for 1.65 billion yuan ($259 million). Shimao Services said the deal will help it expand into the commercial property management segment. - Both Shanghai Shimao and Shimao Services are controlled by Shimao Group Chairman Hui Wing Mau. Shares of Shimao Services fell 32% to HK$4.84 on Dec. 14. Shimao Group shares fell 19.9% while Shanghai Shimao declined 3%. - In a statement issued in the evening of Dec. 14, Shanghai Shimao said it is operating normally and is able to service its debts. - The Shanghai stock exchange has asked Shanghai Shimao to justify the planned sale. Shanghai Shimao is required to reply to the inquiries before Dec. 22. Editing by Pete Sweeney and Katrina Hamlin Our Standards: The Thomson Reuters Trust Principles.