The cash-strapped Chinese developers Shimao Group has proposed a two-class restructuring plan for creditors in the offshore

sector to pay $11.8 billion in a time that spans three to eight years, as per two sources who have

intimate knowledge of the issue and a copy of the document that was seen by Reuters.

China-based Shimao (0813.HK) that first failed to meet an offshore bond issue for public consumption in late June it was

the very first Chinese developer to begin discussions regarding restructuring terms with lenders

The property industry in China is being affected by a string of defaults on debt from offshore obligations and three of the

top five bond issuers – China Evergrande Group (3333.HK), Kaisa Group (1638.HK) and Sunac China

China (1918.HK) have already fallen behind on the dollar bond they issued. Shimao is the sixth-largest issuer.

The cash-strapped Chinese developers Shimao Group has proposed a two-class restructuring plan for creditors in the offshore

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