China's property woes continue to mount with another developer posting steep losses

• The Chinese property sector can't seem to catch a break at the moment. 
• Shimao Group stocks took a beating Monday after the developer reported crushing losses.
• The property sector makes up around one-fifth of China's GDP and its decline has been a drag on the economy. 

China's property-sector woes continue to mount with Shimao Group, one of the country's many developers that have defaulted on their debt, announcing crushing losses.