SHANGHAI, Jan 17 (Reuters) - Cash-strapped Chinese developer Shimao Group (0813.HK) has won approval from creditors to extend the payment deadline of a 450 million yuan $70.90 million) asset-backed security (ABS), one source with direct knowledge said on Monday. Shimao held online meetings with creditors in two ABS on Monday, to vote on payment extension proposals, Reuters reported last week. read more It is unclear whether the other ABS worth 716 million yuan has also won creditors" approval. The two onshore ABS products were due to mature later this month but Shimao sought to extend this to the end of 2022 while making some payments in stages before the new deadline. Bloomberg first reported the extension approval to the 450 million yuan ABS. When asked about the meeting"s outcome, Shimao said it will make an announcement later, adding that an approval from creditors would help to ease its short-term liquidity pressure. The company also said it was operating normally and it is optimistic about its future repayment ability. Shimao said earlier this month it had missed payment on a $101 million trust loan, but it managed to repay its 1.9 billion yuan onshore bond matured on Jan. 15. read more ($1 = 6.3470 Chinese yuan renminbi)