Caixin
Mar 26, 2022 06:09 AM
FINANCE

Yuzhou Seeks Government Bailout on $548 Million of Bonds

Yuzhou is among a swath of Chinese developers hit by a market downturn that triggered a cash crunch rattling the industry and sparking a wave of defaults
Yuzhou is among a swath of Chinese developers hit by a market downturn that triggered a cash crunch rattling the industry and sparking a wave of defaults

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.

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