The largest Chinese private developer, which has defaulted on its $11 billion offshore bonds and is working on an offshore debt restructuring plan, had in September extended the maturities of eight onshore bonds worth 10.8 billion yuan.
The embattled property developer posted a 46.4 per cent slump in net profit for 2023, alarming investors just weeks after markets were roiled by rumours of liquidity problems at the firm.
The Shanghai-based firm is seeking approval from offshore creditors for a restructuring plan, according to a filing made to the Hong Kong stock exchange late on Monday, as part of its latest efforts to avoid liquidation.