Embattled Chinese property developer Sunac China is seeking to delay the repayment for a 4-billion-yuan (over $558.3 million) bond for the third time by pushing the deadline back by another 6 months, sources said on Tuesday.
Under the changes, Sunac will not pay the two remaining payments due this year, and the last instalment will be set back to March 31, 2024 from September 30, 2023, the sources said.
Sunac declined to comment.
The Beijing-based developer is struggling to repay its creditors and it is undergoing an offshore debt restructuring after defaulting on some dollar bonds this year.
The payment extension for the onshore bond in question will require bondholders approval, the sources said.
The bond matures on April 1, 2024, but investors had a put option to sell back to the company on April 1 this year.
In April, Sunac extended the principal payment by 18 months, and then in June reduced amortization payments due in June and September.
- Reuters with additional editing by Jim Pollard