Shimao Group (00813-HK) announced on the Hong Kong Stock Exchange on the evening of Sunday (3rd) that the company failed to repay the principal and interest of a US$1 billion public offering. The note is a 4.75% interest rate note due on July 3, 2022, the size of the note is US$1 billion, and the principal and accrued and unpaid interest totaling US$1.023 billion are due and payable.
The company stated that the relevant creditors have not taken any compulsory measures to request accelerated repayment of debts, and the issue of overseas debts will not affect the normal operation of the company for the time being.
Shimao Group stated that the company has hired Zhonggang Capital as its financial advisor and Sidley Law Firm as its legal advisor to explore feasible solutions to reach the best solution for all stakeholders as soon as possible.
Shimao Group was listed on the main board of Hong Kong on July 5, 2006. The Group’s business focuses on developing large-scale and high-quality integrated real estate projects, including residential, hotel, retail and commercial properties, in economically developed or highly potential cities in mainland China.
Since the liquidity crisis occurred at the end of last year, Shimao has been self-rescue, actively taking a number of measures to ease the liquidity pressure, restore and safeguard the production and operation of the enterprise, including discussing the extension and exemption of existing financing, and minimizing the disturbance to the construction and operation of the project. , speed up sales and payment collection, and actively dispose of assets.
Shimao Group has not yet released its 2021 annual report, and its shares have been suspended for more than three months.
According to public information, Shimao has successfully disposed of nearly 30 assets, including the equity of the Hong Kong Weiganghui project, the land plot of No. 229 Huangpu Road, the equity of Guangzhou Asian Games City, Shanghai Hyatt on the Bund, Shanghai 21 Neighborhood, Beijing IN Sanli, Shimao Yurong·Wuyi Resort Hotel, etc.
According to relevant reports, in addition to the above-mentioned US dollar bonds, Shimao Group actually has two syndicated loans led by HSBC with outstanding amounts. measure.
At present, international rating agencies have all given up on the company’s rating.
