Chinese developer Sunac China Holdings is seeking extra time to make payments on RMB 2.3 billion ($345 million) of debt due next week as the company continues scrambling to scrape up enough cash, reports Caixin.
Sunac is in negotiations with bondholders on a plan to extend repayments of an onshore bond due June 13 by two years. No agreement has been reached.
Sunac, China’s fourth-largest developer by sales, is one of a raft of Chinese developers hit by a cash crunch amid regulatory curbs and last year’s real estate market slump. Although authorities in recent months have moved to ease financing controls on developers and adopt measures to shore up sales, many companies remain mired in liquidity crises.