Yuzhou Seeks Government Bailout on $548 Million of Bonds

Yuzhou Group Holdings Co. is seeking support from state-backed investors to take over $548 million of debts coming due next month as the Chinese property developer struggles to repay bondholders at home and abroad.

Fujian-based Yuzhou is in talks with state-backed investors with the assistance of local authorities to transfer some of its domestic bonds to new investors, a deal that is likely to offer the cash-drained company one more year to repay the notes, Caixin learned from sources close to the company.