China

Chinese developer Shimao to hold creditor meetings to vote on ABS payment extension - documents

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A man walks past a wall carrying the logo of Shimao Group, with residential buildings and the financial district of Pudong seen in the background, in Shanghai, China January 1, 2013. REUTERS/Stringer

SHANGHAI, Jan 13 (Reuters) - Chinese property developer Shimao Group Holdings (0813.HK) will hold meetings with investors in two asset-backed securities (ABS) on Jan 17, to vote on payment extension proposals, according to documents obtained by Reuters.

Payments on the two ABS products - worth 1.17 billion yuan ($183.91 million) in total - are due this month, and Shimao is seeking to extend the payment deadlines to end-2022, according to the documents, which were confirmed by sources.

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Reporting by Chi Xue and Clare Jim; Additional reporting by Samuel Shen Editing by Shri Navaratnam

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