It was reported on July 3, that Shanghai, China-based property developer Shimao Group Holdings Limited missed interest and principal payments on a $1 billion offshore bond due on July 3, dealing another major blow to the troubled Chinese property market.
Shimao Group Holdings Limited, which has a total of US$6.1 billion in outstanding international bonds, according to Refinitiv, is the sixth-largest issuer among Communist China property developers, ahead of the China Evergrande Group, KAISA GROUP HOLDINGS LTD., and Sunac China Holdings Limited, all of which have each defaulted on their US dollar bonds.
Communist China’s real estate sector has been hit by a series of offshore debt defaults, with the China Evergrande Group, once the largest sales generated, now the most indebted real estate company. Shimao Group Holdings Limited said in a filing that it was unable to pay a total of US$1.02 billion in principal and interest to creditors on its 4.75% senior notes, citing “market uncertainty in refinancing debt” and “operational and financing challenges”.
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