Shimao Group plans to extend payments of a trust loan worth RMB 6bn ($950mn) by three years, as per sources citing an online meeting with creditors on Wednesday. Shimao said it plans to bring state-owned enterprises into the Shenzhen development as investors with help from the local government. Shimao is said to have told investors that it has ~RMB 1.3bn ($210bn) of these short-term investments due this month and another RMB 4.7bn ($740mn) maturing between April and August. As per Bloomberg sources, Shimao proposes to repay the products issued through Citic Trust Co. in the following manner: 25% of the principal in 2022, 35% in 2023 and the remainder in 2024.
Shimao’s dollar bonds were mixed, trading between 37-45 cents on the dollar.
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