Chinese developer Shimao fails to repay $1-bn bond
Chinese developer Shimao Group Holdings stated that it did not pay a $1 billion note that matured on Sunday, contributing to a record year of defaults on offshore bonds in the sector.
The luxury builder said in a filing with the Hong Kong stock exchange that it has not made principle payments on a number of other offshore debts and has been in discussions with creditors to find “amicable resolutions.”
According to the company, “creditors may have the right to demand repayment acceleration” if Shimao is unable to repay its debts.
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