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Chinese Developer Shimao Fails to Pay $1 Billion Dollar Bond

Reuters

Chinese property developer Shimao misses repayment on $1 billion bond

Chinese property developer Shimao Group has missed the interest and principal payment of a $1 billion offshore bond due on Sunday, in the latest blow to China’s embattled property market. With an outstanding $6.1 billion international bonds, Shimao is the sixth largest issuer among Chinese developers, according to Refinitiv. China’s property sector has been hit by a series of defaults on offshore debt obligations, highlighted by China Evergrande Group, once the country’s top-selling developer but now the world’s most indebted property company.

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