Chinese real estate firm Shimao Group's share price plunged to its lowest level in a decade Tuesday, adding to concerns over the country's heavily indebted property sector.

Chinese property firms have struggled in the wake of Beijing's drive last year to curb excessive debt in the real estate sector as well as rampant consumer speculation.

Last week property giant Evergrande defaulted on bond debts worth more than $1.2 billion, while smaller firm Kaisa followed suit on bonds worth $400 million.

Property developer Shimao is the latest firm dragged down by those woes, with its shares falling nearly 34 percent over the last five days.

China's 13th largest property developer by contracted sales, the company has around $10.1 billion in outstanding local and offshore bonds.

Shimao and its subsidiaries will need to refinance or repay $2.5 billion in bond maturities through 2022, according to Bloomberg data, with a 30 million yuan ($4.7 million) repayment due on Friday and a two billion yuan note due next month.

In a statement to Bloomberg, Shimao on Monday blamed unspecified market rumours for the sell-off in its stocks and bonds.

Weighed down by Shimao's losses, Chinese property stocks are on track to fall to their lowest level since March 2017, according to an index by the financial news agency.

JP Morgan Chase analysts Tuesday downgraded the firm to "underweight", citing "heightened concerns on liquidity" and recommending a bearish stance.

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