Chinese developer Shimao Group on Friday said the company is in talks with China Credit Trust Co to resolve a loan with a payment of 645 million yuan ($101.10 million) still outstanding.
Shanghai Shimao Construction, a unit of Shimao Group said the missed payment will not accelerate payment requests in the open bond market.
In a latest sign of distress in China’s property sector, the company said on Thursday it has missed a loan after missing 645 million yuan payment.