Shimao Seeks Repayment Extension on $947 Million in Trusts
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Shimao Group Holdings Ltd., a bellwether for financial contagion in China’s embattled property industry, is seeking to extend repayment on about 6 billion yuan ($947 million) of high-yield trust products over three years, according to people familiar with the matter.
Shimao told investors Wednesday that it has about 1.3 billion yuan of these short-term investments due this month and 4.7 billion yuan maturing between April and August, said the people, asking not to be identified discussing a private matter. The developer proposes to repay 25% of the principal in 2022, 35% next year and the rest in 2024, the people said. The products were issued through Citic Trust Co., the nation’s largest trust firm.