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

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

SHANGHAI (Reuters) – Chinese property developer Shimao Group Holdings 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.

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