Shimao’s Dollar Bonds Drop Collapse 20 Points after Missing Local Trust Product Payment
Shimao Group’s dollar bonds saw a collapse in its prices after Chinese lender China Credit Trust Co said that the developer defaulted on a trust loan after missing an RMB 645mn ($101mn) payment. China Credit Trust Co said in a letter, confirmed by two sources,...
Shimao in Talks for Loan Extension with Regulators, Trusts; Bonds Inch Higher
China’s financial regulator is coordinating talks between Shimao and various trust firms, such as China Minsheng Trust Co. and Guotong Trust Co. for loan extensions, as per sources. One of the sources also mentioned that Shimao is seeking new loans from banks....
Shimao’s Dollar Bonds Tumble Over 13%
Dollar bonds of Chinese property developer Shimao tumbled 13-15% on Monday. Moreover, its local 3.25% 2025 Yuan-denominated bond dropped 54% on Monday, from near par to trade at 45. While the exact reason for the fall is unclear, the move highlights the frailty in the...
