Shares of Shimao Group Holdings Ltd. soared 14.95% on Wednesday, as the Chinese property developer made significant progress in its proposed restructuring of offshore debt. The company announced further amendments to its restructuring proposal, aimed at providing better terms for offshore creditors and increasing the likelihood of a successful debt restructuring.

In a positive development, certain controlling shareholders have committed to not voluntarily sell the company's capital stock unless the proceeds are used for specific purposes related to debt repayment and business operations. This move demonstrates the shareholders' commitment to the restructuring process and their willingness to support the company's efforts to improve its financial position.

Furthermore, an ad hoc group of offshore creditors, who hold some of Shimao's existing notes, have agreed in principle to the amended restructuring proposal. This agreement with creditors represents a significant step forward in reaching a mutually acceptable deal and paves the way for a favorable restructuring outcome.