Shimao Bonds Drop on Missed Trust Payments: Evergrande Update
A Ping An Bank Co. branch in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Shimao Group Holdings Ltd.’s dollar bonds fell after the developer missed some trust payments and did not reach an agreement to extend repayments on about 6 billion yuan ($948 million) of high-yield products with China’s largest trust firm.
Jingrui Holdings became the latest property developer to offer investors a debt exchange, proposing to swap at least 90% of a $190 million dollar bond and is asking holders of its other offshore notes to approve amendments in order to avoid default.