CITIC Trust has offered Shimao Group an observation period from March 4 to May 31 for its 6-billion-yuan overdue trust fund. During the observation, CITIC will determine whether it will grant Shimao another observation period or take further action.
Previously, Shimao said it planned to pay 25 percent this year, another 35 percent next year, and the rest will be cleared in 2024. CITIC is yet to respond to the offer.
