Feb 24, 2022 07:20 AM

FINANCE

Shimao Misses Payment as $948 Million Debt Talks Drag On

While Shimao said it has had no defaults in the open market last month, it remains exposed to trust loans

While Shimao said it has had no defaults in the open market last month, it remains exposed to trust loans

(Bloomberg) — Shimao Group Holdings Ltd. missed some trust payments and hasn’t reached an agreement to extend repayments on about 6 billion yuan ($948 million) of high-yield products with the nation’s largest trust firm.

The builder didn’t make payments for principal and interest on a portion of the trust products that came due last week, according to a statement to investors from Citic Trust Co. that was seen by Bloomberg.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Innovation Takes Off at Flying Vehicle Expo

PODCAST

Caixin Deep Dive: How China’s Crypto Ban Makes Disposing of Seized Assets a Lot Harder

00:00

00:00/00:00

MOST POPULAR

1: Meituan Enters Open-Source AI Race With LongCat Model

2: Ex-UBS Banker in Hong Kong Jailed 10 Years for Laundering $17.2 Million

3: Alipay Fined by Luxembourg Regulator for Anti-Money Laundering Breaches

4: China Slaps Up to 78% Tariffs on U.S. Fiber Optic Imports in First-Ever Anti-Circumvention Case

5: Chinese Regions Dial Back Car Subsidies as Funds Dry Up

SPONSORED

OR