Chinese developer Shimao Group said it has failed to make payment on a $1 billion bond that matured Sunday, one of the biggest such defaults so far this year in the country's troubled property sector. China's real estate sector has been struggling since authorities began a crackdown on excessive debt and rampant consumer speculation in 2020, with giants such as Evergrande and Sunac scrambling to make payments and renegotiate with creditors. The crisis has sparked fears that the industry's struggles could spread to the wider economy, and the latest jolt came Sunday when Shimao said it had not paid the principal and interest on a $1 billion offshore note. STOCKSHOTS of Shimao signages in Shanghai