HONG KONG: Cash-strapped Chinese developer Shimao Group has offered a two-class restructuring plan to offshore creditors to repay $11.8 billion over three to eight years, according to two sources with direct knowledge of the file and a document viewed by Reuters.
Shanghai-based Shimao defaulted on a public offshore bond for the first time last month. With $6.1 billion in international bonds outstanding, Shimao is the sixth-largest issuer among Chinese developers, according to Refinitiv.
Shimao did not respond to request for comment.