SHIMAO GROUP (00813) surged over 27% during trading session. As of press time, the stock was up 24.59% to HK$0.38, with turnover reaching HK$108 million.

On the news front, sources revealed that UOB has decided to extend a HK$10 billion loan secured by SHIMAO GROUP's Beacon Peak development after failing to successfully sell it to private credit investors. The loan was originally scheduled to mature on September 30th.

It was reported that on July 21st this year, SHIMAO GROUP announced that all restructuring conditions had been met, with the restructuring effective date confirmed as July 21st. Once the plan took effect, existing offshore debt with a principal amount of approximately US$11.5 billion would be discharged and cancelled, reducing the Group's overall debt scale and debt pressure, thereby improving its overall financial position.

SHIMAO GROUP had previously indicated in June that the company has been actively negotiating with other domestic lenders and creditors regarding loan extensions or restructuring arrangements.