Cash-strapped Chinese developer Zhenro Properties plans to extend the maturity of other onshore and offshore debt, and dispose of assets worth up to 4 billion yuan ($632.73 million) in the first half, three sources with knowledge of the matter.
Zhenro told investors in a call on Wednesday the debt it will seek extensions include bank loans and asset-backed securities.
The Shanghai-based developer is in the process of asking holders of a $200 million perpetual bond due March 5 to waive claims against the company if it defaults, and is seeking to extend the maturity of five bonds due 2022, worth around $1 billion, to March 2023.
It also told investors on Wednesday it is in talks with state-owned firms to dispose of the assets.
Shares of Zhenro closed 8.2% higher. It has lost 78% in the past weeks on its debt restructuring plan.
Source: Reuters.com