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Shimao Misses Payment as $948 Million Debt Talks Drag On

  • China’s largest trust firm says didn’t agree payment extension
  • High-yield investment products were sold to wealthy Chinese
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WATCH: Shimao missed some trust payments and has yet to reach an agreement on extending deadlines on about $948 million worth of debt. Rebecca Choong Wilkins reports.Source: Bloomberg
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Shimao Group Holdings Ltd. missed some trust payments and hasn’t reached an agreement to extend repayments on about 6 billion yuan ($948 million) of high-yield products with the nation’s largest trust firm.

The builder didn’t make payments for principal and interest on a portion of the trust products that came due last week, according to a statement to investors from Citic Trust Co. that was seen by Bloomberg.