May 10, 2022 08:24 PM

BUSINESS

Chinese Developer Shimao Sparks Bond Selloff by Seeking One-Year Extension

Signage at the Intercontinental Shanghai Wonderland Hotel, developed by Shimao Group Holdings Ltd., in Shanghai on Feb. 9. Photo: VCG

Signage at the Intercontinental Shanghai Wonderland Hotel, developed by Shimao Group Holdings Ltd., in Shanghai on Feb. 9. Photo: VCG

Bond investors are fleeing one of China’s biggest property developers, Shimao Group Holdings Ltd. (600823.SH), after it sought a one-year payment extension on a 475 million yuan ($70.6 million) onshore bond due later this month.

Issued in 2019, the publicly offered bond has a coupon rate of 4.15% and the principal is due on May 22. The company will hold a creditors’ meeting next week to put the proposal to a vote, according to a Monday filing.

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