Chinese property developer Shimao Group (0813) said on Monday an event of default has occurred on approximately US$9.07 billion of its restructured offshore debt after a winding-up petition against the company remained unresolved for 60 consecutive days.
Because the petition filed by Guotong Trust on August 27 was neither dismissed nor stayed by the October 25 deadline, the outstanding principal and accrued interest across the affected debt instruments have automatically become immediately due and payable, Shimao said in a filing.
The defaulted obligations—issued under an offshore debt restructuring announced in July 2025—comprise a series of short- and long-term notes alongside a US$771 million short-term loan and a US$1.27 billion long-term loan.
Shimao said it has not yet received any formal notice or demand for immediate repayment from creditors, though it warned that the default and resulting debt acceleration could have a material adverse impact on its finances.
Its shares may be restricted or suspended without notice, the filing said.
The developer added that it is seeking legal and financial advice and intends to oppose the winding-up petition "vigorously."
