Skip to content
vallartaantros-nightclubs

vallartaantros-nightclubs

Our Client’s Interests

Primary Menu
  • News Real estate world
  • residential panoramas
  • elite housing
  • apartment
  • real estate
  • property
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Home
  • Chinese property developer Shimao misses repayment on offshore bond worth $1 bn
  • property

Chinese property developer Shimao misses repayment on offshore bond worth $1 bn

By Mary B. Hill 3 years ago

[ad_1]

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.

The non-repayment was the first missed public offshore payment for the Shanghai-based developer. 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.

Three of the top five issuers – Evergrande, Kaisa Group and Sunac China have already defaulted their dollar bonds.

Shimao was unable to pay a total of $1.02 billion in principal and interest to creditors of the 4.75% senior notes, the developer said in a Sunday filing on the Hong Kong bourse, citing “market uncertainties over debt refinancing” and “challenging operating and funding conditions”.

It added that it also did not make principal payments under certain other offshore indebtedness, without giving details.

The developer has not received notice of acceleration of repayment from its lenders, it said, suggesting the debtholders have not moved to take enforcement actions.

Shimao hired Admiralty Harbour Capital as its financial adviser and Sidley Austin its legal adviser to help assess and explore ways to manage the liquidity crisis.

Meanwhile, creditors of its two syndicated loans have agreed to give the cash-strapped Chinese developer a breather.

Shimao said it had received written notice of support from the majority of the lenders of two syndicated loans agreed upon in 2018 and 2019, in which HSBC acted as the lead facilitator for dual currency loans.

The creditors, who are “generally supportive of the company continuing to explore the possibility of an agreement and implementation of a potential restructuring with its relevant stakeholders”, were willing to allow Shimao to continue to run the business with minimum disruption, according to the filing.

Shimao’s bond in question traded at 12.141 cents on the dollar on Friday, according to Duration Finance.

Shimao has been extending its debt obligations onshore and disposing of assets to raise fund, while its contracted sales in the first five months dropped 72% from a year ago.

[ad_2]

Source link

Tags: J Beard Real Estate, J Michael Real Estate, J Philip Real Estate, J Real Estate Commission, J Real Estate Finance Econ, J Real Estate Inc, J Scott Real Estate, J&B Real Estate, K Real Estate Blenheim, K Real Estate Group, K Real Estate Group Cape Town, K Real Estate Llc, K Real Estate Logo, K Real Estate New Zealand, K Real Estate Specialists, K Real Estate Utah, L Brooks Real Estate, L Catterton Real Estate, L Cooper Real Estate, L Real Estate Lvmh, L&K Real Estate, L&M Real Estate, L&T Real Estate, L'Agence Real Estate, Real Estate Job Description, Real Estate Jobs In Memphis Tn, Real Estate Jobs Oxford Ms, Real Estate Jonesboro Ar, Real Estate Kalispell Mt, Real Estate Kauai, Real Estate Keller Williams, Real Estate Kentucky, Real Estate Key Lock Box, Real Estate Key West, Real Estate Knowledge, Real Estate Knoxville Tn, Real Estate Lawyer, Real Estate Lawyer Near Me, Real Estate License Arkansas, Real Estate License Memphis, Real Estate License Mississippi, Real Estate License Nashville, Real Estate Market, Real Estate Market 2022, Real Estate Mart, Real Estate Mart Of Tn, Real Estate Memphis, Real Estate Millington Tn, Real Estate Mississippi

Continue Reading

Previous Real estate: A year of change but market is strong
Next Home Inspection Tips for Sellers
June 2025
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30  
« May    

Archives

Recent Posts

  • Residential Panoramas: Perfect for Your Dream Home
  • Building the Future: Advantages of Pole Barn Structures in Modern Construction
  • Creating a Functional Haven: Must-Have Home Services for Everyday Comfort
  • How to Maximize the Value of Your Property
  • Elite Housing Trends Redefining Modern Luxury

Fiverr

Fiverr Logo   

BL

Tags

"Real Estate School Memphis A Real Estate Agent A Real Estate Agent Is Able To A Real Estate Agent Salary A Real Estate Attorney A Real Estate Broker A Real Estate Investment Trust A Real Estate Lawyer A Real Estate Tax Lien Is B.C. Real Estate Market Forecast 2021" B Real Estate Bendigo B Real Estate Broker B Real Estate Central Coast B Real Estate Dubai B Real Estate Logo B Real Estate Nz B Real Estate School B Real Estate Wynnum C&R Real Estate C Real Estate Logo C Real Estate Mallorca Real Estate Agencies Real Estate Agent Real Estate Agent Salary Real Estate Agent Salary Nashville Real Estate Agents Near Me Real Estate Appraiser Real Estate Attorney Real Estate Attorney Memphis Real Estate Books Real Estate Broker Real Estate Brokerage Real Estate Broker Salary Real Estate Broker Vs Agent Real Estate Brownsville Tn Real Estate Bubble Real Estate Business Real Estate Classes Real Estate Classes Memphis Real Estate Classes Memphis Tn Real Estate Classes Online Real Estate Companies Real Estate Companies Memphis Real Estate Companies Near Me Real Estate Contract

Partner Links

obaldenno.org
dancingtrousers.co

SeedBL

Seedbacklink

bp

backlinkplacement.com

sysmodo
healotic
vallartaantros-nightclubs.com | Magazine 7 by AF themes.

WhatsApp us