Chinese property developer Shimao Group has missed the interest and principal payment of a $1 billion offshore bond due on Sunday, in the latest blow to China’s embattled property market, reports Reuters.
The non-repayment was the first missed public offshore payment for the Shanghai-based developer. With an outstanding $6.1 billion international bonds, Shimao is the sixth largest issuer among Chinese developers, according to Refinitiv.
China’s property sector has been hit by a series of defaults on offshore debt obligations, highlighted by China Evergrande Group, once the country’s top-selling developer but now the world’s most indebted property company.
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