CCP’s real estate developer defaults again on international payments

Shimao Group failed to pay the interest and principal on its $1 billion offshore bonds that expired, which is the latest blow to the Chinese Communist Party (CCP)’s embattled real estate market.

The Shanghai-based real estate developer has $6.1 billion in outstanding international bonds, and this is the first time it was defaulted on its public offshore payment. A series of huge offshore debt defaults have recently occurred in the real estate industry in the Communist China. Evergrande Group is currently one of the most indebted real estate companies in the world.

It is reported that Shimao Group refused to pay a total of US$1.02 billion in principal and interest to creditors who own its senior notes, by citing that the refinancing market for its debt is not operational, but the developer was unable to provide detailed information to confirm this.

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Translator: MOS Health Team – baoliaofen
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