7/3, 3:50 PM (Source: TeleTrader)
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China real estate firm misses $1B bond payment

Chinese real estate development company Shimao Group Holdings Ltd. revealed on Sunday that it was not able to repay offshore bonds totaling over $1 billion even though they matured on July 3.

"In addition, the Group did not make principal payments under certain other offshore indebtedness and has been maintaining ongoing discussion with the relevant creditors with a view to reaching amicable resolutions," Shimao said in a filing submitted to the Hong Kong Stock Exchange.

Trading in Shimao shares has been suspended since April 2022 due to the Chinese property sector crisis.

Baha Breaking News (BBN) / MS