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Bond Market News
Shimao Secures Creditors’ Backing for Restructuring
February 25, 2025
Chinese property developer Shimao Group has secured backing from 98.75% of its creditors to restructure approximately $11.04bn in offshore debt. This follows a trend of restructuring efforts by other troubled developers, such as Sunac China, which reduced its onshore debt earlier this year, and CIFI Holdings, which reached an agreement on its offshore debt. Shimao, which had been in negotiations since defaulting in 2022, presented bondholders with four restructuring options: short-term notes, long-term notes, zero-coupon mandatory convertible bonds, or a fixed combination of these. The company’s restructuring plan, originally announced in March last year, aims to address about $11.7bn in debt, including bonds and other credit facilities. Despite initial opposition from major bondholders, the plan now enjoys overwhelming creditor support. The scheme will be reviewed by a court on March 13 for approval.
Shimao’s dollar bonds are trading at deeply distressed levels of 5-6 cents on the dollar.
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