Shimao Group unit in talks with lender on missed trust loan payment

Shimao Services Holdings

07/01/2022 02:01

HONG KONG, Jan 7 (Reuters) - A unit of Chinese developer
Shimao Group  0813.HK  said on Friday it is in talks with China
Credit Trust Co to resolve a loan with a payment of 645 million
yuan ($101.10 million) still outstanding.
    The unit, Shanghai Shimao Construction, said the missed
payment will not accelerate payment requests in the open bond
market.
    The trust company said on Thursday Shimao has defaulted on a
loan after missing the 645 million yuan payment, in the latest
sign of distress in China's property sector.  urn:newsml:reuters.com:*:nL1N2TM0E1

($1 = 6.3797 Chinese yuan renminbi)

 (Reporting by Clare Jim; Editing by Christian Schmollinger)
 ((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters
Messaging: clare.jim.thomsonreuters.com@reuters.net))