Shanghai-based real estate developer Shimao Group Holdings Ltd. has missed the interest and principal payment of a $1.02 billion offshore bond due on Sunday, according to Reuters. This was the first missed public offshore payment for Shimao, which has an outstanding $6.1 billion international bonds and is the sixth largest issuer among Chinese developers, according to the report (citing Refinitiv).

Shimao develops large-scale residential projects, hotels, and other commercial real estate. It owns Shimao International Plaza, a 1,094-ft tall skyscraper in Shanghai’s Huangpu District. In March, the company estimated that its 2021 net profit had dropped by about 62 percent from a year earlier, according to CNN. Three of the top five Chinese property developers – Evergrande, Kaisa Group and Sunac China – have already defaulted their dollar bonds, according to Reuters.

Last Updated on July 4, 2022 by Ramin Seddiq