United Overseas Bank (SGX:U11) extended the maturity of a HK$10-billion loan granted to Chinese developer Shimao Group Holdings (HKG:0813) tied to a luxury apartment complex in Hong Kong, Bloomberg News reported Tuesday, citing people familiar with the matter.

The Singaporean bank extended the loan maturity by three years after attempts to sell the debt to private credit investors did not materialize, the report said, citing the sources.

The property, developed by Shimao, only began sales in January, and only 17 of the 332 units were sold in phase 1 of the development, according to Beacon's sale records.

Investors such as Davidson Kempner Capital Management and Ares Management have expressed their desire to purchase the facility, but UOB decided to extend the loan, Bloomberg said.

The loan was supposed to mature Sept. 30, according to Bloomberg.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)