HONG KONG—Chinese developer Shimao Group has missed the interest and principal payment of a US$1 billion offshore bond due on Sunday in the latest blow to China’s embattled property market.
Shimao was unable to pay a total of US$1.023 billion in principal and interest to creditors of a senior note listed on the Singapore Exchange, the developer said in a Sunday filing on the Hong Kong bourse, citing “market uncertainties over debt refinancing” and “challenging operating and funding conditions.”
With a coupon rate of 4.750 percent, the bond matured on July 3 this year.
The developer has not received notice of acceleration of repayment from its lenders, it said, suggesting the debtholders have not moved to take enforcement actions….