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Bond Market News
Shimao Rolls over HKD 10bn Loan Tied to Hong Kong Property Project
September 10, 2025
A HKD 10bn ($1.3bn) loan to Shimao Group, tied to a luxury Hong Kong apartment complex has been extended (rolled over) by United Overseas Bank. The loan is backed by the Beacon Peak complex near the Kowloon Tong area, after attempts to offload the facility to private credit investors fell through, according to reports. The project, only began selling in January, with just 17 of 332 units sold in its first phase of development as of September 2, according to sale records. UOB took over the loan from other banks in 2022, becoming a sole lender to Shimao’s facility with full claim over the underlying project — one of the offshore assets listed in the builder’s restructuring proposal.
Proceeds from the sale of units will be first used to pay back the loan’s principal, interest and accrued fees, as well as related fees tied to the project, Bloomberg reported earlier. Its unsecured creditors, including bondholders, could get paid from the sale if there is remaining cash.
Shimao’s dollar bonds are trading at deeply distressed levels of 4-6 cents on the dollar.
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