Nov 30, 2023 04:45 AM

BUSINESS

China Aoyuan Group’s Offshore Debt Restructuring Plans Wins Majority Creditors’ Approval

By Wang Jing and Denise Jia

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A housing project developed by China Aoyuan Group in Guangzhou on Aug. 2, 2021.

A housing project developed by China Aoyuan Group in Guangzhou on Aug. 2, 2021.

Creditors of China Aoyuan Group Ltd. on Tuesday agreed to the troubled developer’s two offshore debt restructuring plans, nearly two years after it defaulted on an offshore bond in December 2021.

Creditors representing 79% and 88% of the voting rights of the debts voted in favor of the two restructuring plans, which will become effective assuming court approval, the Guangzhou-based developer said in a statement.

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