BEIJING: Chinese developer Shimao Group said it has failed to make payment on a US$1 billion bond that matured Sunday, one of the biggest such defaults so far this year in the country's troubled property sector.
China's real estate sector has been struggling since authorities began a crackdown on excessive debt and rampant consumer speculation in 2020, with giants such as Evergrande and Sunac scrambling to make payments and renegotiate with creditors.
