(Bloomberg) -- Chinese developer Shimao Group Holdings Ltd. said it failed to pay a $1 billion dollar bond that matured Sunday, the latest missed payment in the struggling sector.

“Despite the group’s continuing efforts to enhance its liquidity position, due to market uncertainties over debt refinancing and generally challenging operating and funding conditions, the group experienced negative developments on its credit ratings and the occurrence of principal non-payments under certain of its offshore indebtedness,” it said in an exchange filing. 

The company last month failed to pay off a private note, a delinquency that heightened concerns hidden bills among Chinese builders.


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