Skip to main content
Link to Walkers homepage

Walkers advises on landmark US$11.5 billion restructuring of Shimao Group Holdings

Aug 1, 2025

Our work
smooth blue wave pattern with a light-to-dark gradient effect

We have advised the co-ordination committee of lenders (the “CoCom”) on the successful restructuring of over US$11.5 billion in offshore debt for Shimao Group Holdings Limited ("Shimao").

Completed through a court-sanctioned Hong Kong scheme of arrangement, this milestone transaction marks one of the most complex and prolonged restructurings in the Chinese real estate sector. It paves the path for creditors and stakeholders resolving multi-jurisdictions challenges in the Greater China property market.

Cross-border, seamless legal expertise

Our team, led by partner Shirleen Tan with support from senior associate Helena Chu and legal manager Carina Chan, advised on all the Cayman Islands and British Virgin Islands law aspects of the transaction. We collaborated closely with A&O Shearman and other advisors to deliver a seamless, multi-layered restructuring process, including several project and asset-based bank debt refinancings.

A first mover in a shifting market

Shimao is a major Hong Kong-listed Chinese property developer with significant Hong Kong investments and a complex corporate and debt structure. The group's operations were heavily impacted by COVID-19 and the Mainland China property downturn. In early 2022, it became one of the first major developers to engage creditors in a structured debt restructuring. The process took over three years to complete.

Trusted. Proven. Global.

This transaction reinforces our reputation in high-value, multi-jurisdictional restructurings. Clients rely on our:

  • Deep offshore legal expertise
  • Collaborative, commercially focused approach
  • Proven ability to navigate market volatility
  • We continue to offer tailored solutions and help clients stay ahead in the dynamic and evolving market.

Read more about the transaction here.

FinanceHong KongSingapore

Media contacts

Shana Ray

Head of Business Development - Asia and Middle East

T/+852 2596 3302
M/+852 9030 6084
E/Email Shana Ray

KEY CONTACTS

Get in touch with our team

Shirleen Tan
Shirleen Tan

Shirleen Tan

Partner

Singapore

T

+65 6603 1665

M

+65 8869 2679

E

Email Shirleen Tan
View profile
Helena Chu
Helena Chu

Helena Chu

Senior Associate

Hong Kong

T

+852 2596 3426

M

+852 6977 7389

E

Email Helena Chu
View profile
Carina Chan
Carina Chan

Carina Chan

Legal Manager

Hong Kong

T

+852 2596 3374

M

+852 9311 0652

E

Email Carina Chan
View profile

Get the latest insights and expertise in your inbox 

Fluid ink image
Sign up
logo footer

Connect with us

FacebookFacebook
InstagramInstagram
LinkedInLinkedIn

Employee login

Self Service Password ResetWalkers AnywhereWalkers Sharefile
Legal notices/Cookies policy

All rights reserved - © 2025 Walkers Global