Latest news with #Shimao
Reuters
25-02-2025
- Business
- Reuters
Hong Kong high court pulls winding-up petition against Shimao
Feb 25 (Reuters) - The Hong Kong High Court has ordered the withdrawal of the winding-up petition against Chinese property company Shimao Group ( opens new tab filed by CPYM Link Investment, Shimao said on Tuesday. CPYM Link filed its petition against Shimao on January 10 in relation to a cross-border loan guarantee of 258 million yuan ($35.5 million) issued by the Chinese property developer and a hearing was set for March 19. Shimao's press statement did not give a reason for the court's order. Shimao is one of several Chinese property developers who have, at some point, faced a liquidation case against them since the property sector suffered a liquidity crunch in 2021 due to the COVID-10 pandemic. Other companies include China Evergrande ( opens new tab, Country Garden ( opens new tab and Sunac China ( opens new tab. ($1 = 7.2631 Chinese yuan renminbi)
Reuters
24-02-2025
- Business
- Reuters
China's Shimao secures creditor backing for $11 bln offshore debt revamp
Feb 24 (Reuters) - Chinese property developer Shimao Group ( opens new tab has secured creditor backing to restructure about $11.04 billion in offshore debt, the latest such deal in the sector after years of liquidity troubles. Sunac China ( opens new tab became the first troubled Chinese property developer to successfully reduce its onshore debt earlier this year, while CIFI Holdings ( opens new tab has reached an agreement with a key group of bondholders on an offshore debt restructuring plan. Shimao said on Monday 98.75% of its creditors, representing claims totalling about $11.04 billion, had backed its plan announced last March to restructure all of its debt, amounting to around $11.7 billion in offshore notes, bonds and other credit facilities. The embattled developer had been negotiating with creditors to refine the term sheet after a group of major bondholders said last year they "firmly oppose" the firm's proposal to revamp $11.5 billion of offshore debt it had defaulted on in 2022. Shimao had offered bondholders four options, including repayment through short-term notes, long-term notes, zero-coupon mandatory convertible bonds, and a fixed combination of them. "Therefore, the scheme was approved by the requisite majorities of scheme creditors," the company said in a statement on Monday. The petition seeking sanction of the scheme will be heard on March 13, Shimao said. Since China's property crisis unravelled in 2021, several developers in the country, including China Evergrande Group, have faced liquidation lawsuits by creditors, with some firms already ordered to dissolve.
Yahoo
24-02-2025
- Business
- Yahoo
China's Shimao secures creditor backing for $11 billion offshore debt revamp
(Reuters) - Chinese property developer Shimao Group has secured creditor backing to restructure about $11.04 billion in offshore debt, the latest such deal in the sector after years of liquidity troubles. Sunac China became the first troubled Chinese property developer to successfully reduce its onshore debt earlier this year, while CIFI Holdings has reached an agreement with a key group of bondholders on an offshore debt restructuring plan. Shimao said on Monday 98.75% of its creditors, representing claims totalling about $11.04 billion, had backed its plan announced last March to restructure all of its debt, amounting to around $11.7 billion in offshore notes, bonds and other credit facilities. The embattled developer had been negotiating with creditors to refine the term sheet after a group of major bondholders said last year they "firmly oppose" the firm's proposal to revamp $11.5 billion of offshore debt it had defaulted on in 2022. Shimao had offered bondholders four options, including repayment through short-term notes, long-term notes, zero-coupon mandatory convertible bonds, and a fixed combination of them. "Therefore, the scheme was approved by the requisite majorities of scheme creditors," the company said in a statement on Monday. The petition seeking sanction of the scheme will be heard on March 13, Shimao said. Since China's property crisis unravelled in 2021, several developers in the country, including China Evergrande Group, have faced liquidation lawsuits by creditors, with some firms already ordered to dissolve. Sign in to access your portfolio
