Shimao Group has a proposed for a delay in repayment for an RMB 500mn local bond due on May 22. Bloomberg notes that it is the first time the company has asked for a local bond’s payment extension. Shimao said that the delay does not amount to a default event. Till date, Shimao has asked for extensions of its ABS, some of its loans and trust products after struggling with liquidity problems.

R&F Properties obtained investors’ approval to delay repaying a majority of its 6.48% RMB 400mn bond due in 2024, but puttable next Monday. An agreement has been made where R&F Properties will still pay coupons due for the past year on Monday but will reschedule payment for the remainder of the bond. This comes after bondholders exercised a put option and demanded early redemption of RMB 369mn of the bond. The developer continues to struggle with liquidity issues.

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