Chinese developer Shimao sweetens debt revamp terms ahead of liquidation hearing, sources say

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The Star 1w ago

Chinese developer Shimao sweetens debt revamp terms ahead of liquidation hearing, sources say - The Star

Quick Summary:

HONG KONG: Shimao Group has sweetened its offshore debt restructuring terms to garner support from creditors, said three sources, as the Chinese property developer scrambles to fend off a liquidation petition filed in a Hong Kong court.

Sources previously told Reuters that creditors opposed the March terms because of the size of the losses involved and the lack of upfront payments if the deal was approved.

China's new home prices fell at the fastest pace in more than 9-1/2 years in May, official data showed last week, with the sector struggling to find a bottom despite Beijing's efforts to rein in oversupply and support debt-laden developers.