Source: CNN —
Hong Kong (CNN Business)Another major Chinese developer has defaulted on its debt, dealing a new blow to the ailing real estate sector in the world’s second largest economy.
Shanghai-based Shimao Group failed to pay the interest and principal on a $1 billion bond due Sunday, according to a company filing to the Hong Kong stock exchange. The bond had no grace period for the principal, according to its offering document.
It is the first missed debt repayment on a dollar bond by Shimao, which had been grappling with mounting financial stress for months.
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