Zhenro Properties Group (HKG:6158) said its wholly owned unit Zhenro Properties Holdings has proposed restructuring nine listed corporate bonds with outstanding principal of about 6.66 billion yuan.
Under the proposed plan, bondholders would receive a cash payment of 64 million yuan, while proceeds from three property sales, estimated at 179 million yuan, would be used to reduce part of the outstanding debt, according to a Monday Hong Kong bourse filing. The remaining principal would be replaced with new bonds maturing in about 8.5 years, with repayment starting after two years.
The restructuring remains subject to approval by a majority of bondholders and other conditions.