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Shimao Looks to Delay Repayments on $183 Million of Securities

Shimao Projects In Shanghai As Property Developer Default Notice Hammers Bonds, Stokes China Property Fear
Photographer: Qilai Shen/Bloomberg

Shimao Group Holdings Ltd. is asking investors to extend the full payment on a pair of asset-backed securities, fueling concern that the embattled Chinese property developer that’s suffered downgrades into junk territory in recent months could seek delays on other debts.

The company and a unit will meet with investors Monday to obtain agreements to repay 1.17 billion yuan ($183 million) of ABS in installments throughout this year, according to private filings with the Shanghai Stock Exchange seen by Bloomberg News. The original repayment dates are in about two weeks.