Times China Downgraded; Shimao Eyes Extension: Evergrande Update

Shimao Group Holdings Ltd. is seeking to extend repayment on about 6 billion yuan ($947 million) of high-yield trust products over three years, people familiar with the matter said. That’s a reminder of the troubled Chinese property industry’s mounting stress, which the firm appeared to have largely skirted until recent months.

Shimao’s dollar bonds fell further on Thursday, with both its 4.75% note and 6.125% debt dropping for a fourth-straight session. Times China Holdings Ltd.’s U.S. currency notes, meanwhile, fell after Moody’s Investors Service cut its rating further into junk territory. A Bloomberg Intelligence gauge of developers declined 0.8% after rebounding a day earlier.