Chinese developer Shimao to hold creditor meetings to vote on ABS payment extension – documents

By Lucia Mutikani Posted on January 12, 2022

FILE PHOTO: Man walks past a wall carrying the logo of Shimao Group, with residential buildings and the financial district of Pudong seen in the background, in Shanghai

SHANGHAI (Reuters) – Chinese property developer Shimao Group Holdings will hold meetings with investors in two asset-backed securities (ABS) on Jan 17, to vote on payment extension proposals, according to documents obtained by Reuters.

Payments on the two ABS products – worth 1.17 billion yuan ($183.91 million) in total – are due this month, and Shimao is seeking to extend the payment deadlines to end-2022, according to the documents, which were confirmed by sources.

(Reporting by Chi Xue and Clare Jim; Additional reporting by Samuel Shen; Editing by Shri Navaratnam)