Chinese developer Shimao sweetens debt revamp terms ahead of liquidation hearing, sources say

People walk past the logo of property developer Shimao Group near Shimao Tower in Shanghai, China January 13, 2022. REUTERS/Aly Song

HONG KONG: Shimao Group has sweetened its offshore debt restructuring terms to garner support from creditors, said three sources, as the Chinese property developer scrambles to fend off a liquidation petition filed in a Hong Kong court.

Shimao will on Wednesday face its first court hearing into the liquidation petition filed by state-owned lender China Construction Bank (Asia) over unpaid loans of HK$1.58 billion ($201.75 million).