Chinese Developer Shimao Fails to Pay $1 Billion Dollar Bond

(Bloomberg) — Chinese developer Shimao Group Holdings Ltd. said it didn’t pay a $1 billion dollar note that matured Sunday, adding to a record year of offshore-bond delinquencies in the sector.

The luxury builder said in a Hong Kong exchange filing it also hasn’t made principal payments involving some other offshore debts and has been in discussion with creditors while trying to reach “amicable resolutions.” If Shimao can’t, “creditors may have the right to demand acceleration of repayment” and take enforcement actions, according to the company.