[Shimao Group defaults on US$9.07 billion in debt] On October 26, Shimao Group announced on the Hong Kong Stock Exchange that the winding-up petition submitted by China Communications Trust triggered a default on US$9.07 billion in offshore debt instruments. The event of default occurs after the petition has not been withdrawn or suspended for 60 consecutive days from the date of service on August 27, 2026. The then outstanding principal balance of the affected debt instrument, premium (if any) and accrued and unpaid interest, all automatically and immediately become due and payable. The Company intends to vigorously oppose the Petition and is seeking legal and financial advice on the impact of the Petition and the Company's response measures.