Caixin
Dec 22, 2021 06:26 PM
BUSINESS

China Builder RiseSun Says Majority Support Debt-Swap Offer

Men fish near a large residential compound in Shanghai on Sept. 29. Photo: Bloomberg
Men fish near a large residential compound in Shanghai on Sept. 29. Photo: Bloomberg

(Bloomberg) — China’s RiseSun Real Estate Development Co. said most creditors have given a positive response so far to its offer to swap two dollar bonds, as the cash-strapped developer seeks more time to repay debt.

A majority of holders have provided verbal consent to its proposal to exchange the bonds maturing next year for new notes with longer durations, RiseSun said in response to questions from Bloomberg, without giving specific figures. Investors holding less than 10% of the notes have indicated opposition to the plan, the company said.

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