Shares of Shimao Group Holdings Ltd surged 147.75% on Tuesday after the Chinese property developer announced further amendments to its proposed restructuring of offshore debt. The proposed amendments aim to provide better terms for offshore creditors and increase the likelihood of a successful debt restructuring.

Key highlights from Shimao's update include: - 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. - An ad hoc group of offshore creditors, who hold some of Shimao's existing notes, have agreed in principle to the amended restructuring proposal. - Shimao believes the amendments reflected in the updated term sheet are beneficial to scheme creditors, increasing the potential for a favorable restructuring outcome.

The proposed debt restructuring comes as Shimao, like many Chinese developers, has been grappling with a liquidity crunch amid a prolonged downturn in the country's real estate market. The amendments signal progress in reaching a deal with creditors, raising hopes that Shimao can restructure its debt load and stabilize its financial position.