Chinese property developer Shimao Group has missed the interest and principal payment of a US$1 billion offshore bond due on Sunday (Jul 3), in the latest blow to China’s embattled property market.
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The non-repayment was the first missed public offshore payment for the Shanghai-based developer. With an outstanding US$6.1 billion international bonds, Shimao is the sixth largest issuer among Chinese developers, according to Refinitiv.
China's property sector has been hit by a series of defaults on offshore debt obligations, highlighted by China Evergrande Group, once the country's top-selling developer but now the world's most indebted property company.
Three of the top five issuers - Evergrande, Kaisa Group and Sunac China - have already defaulted their dollar bonds.
Shimao was unable to pay a total of US$1.02 billion in principal and interest to creditors of the 4.75 per cent senior notes, the developer said in a Sunday filing on the Hong Kong bourse, citing "market uncertainties over debt refinancing" and "challenging operating and funding conditions".
It added that it also did not make principal payments under certain other offshore indebtedness, without giving details.
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.