A Shanghai construction materials supplier with links to the Shimao Group has defaulted on a US$101m project loan guaranteed by the Hong Kong-listed group, adding to its recent debt burden.Shanghai Shimao Construction Company failed to repay the proceeds as a guarantor for a project that raised funds for Shanghai Qianyi Construction Materials Company, according to a notice sent to investors on Thursday by China Credit Trust (CCT), the trustee for the loans.Shanghai Shimao Construction, a Shimao…
Source : South China Morning Post
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