Developer Times China Halts Bond Trading Amid Debt Restructuring Talks

Property developer Times China Holdings Ltd. is working on a proposal to restructure nearly 11 billion yuan ($1.6 billion) of onshore bonds, people familiar with the matter told Caixin, the latest casualty of a credit crunch engulfing the country’s real estate sector.

Trading in the bonds, which were issued by the developer’s subsidiary Guangzhou Times Holdings Group Co. Ltd., was halted on the Shanghai Stock Exchange on Wednesday after an application to the bourse, according to a filing dated Tuesday. The suspension, which affects 10 separate bond issues, indicates that a debt restructuring plan is being put together, market participants said.