BEIJING/HONG KONG : Some Chinese property developers have voiced their intention to the regulators to extend their offshore bond maturities or undertake a debt restructuring, two sources with knowledge of the matter said, as a growing number of defaults hits the sector.
The regulators, however, told developers facing large offshore debt maturity to evaluate their repayment risks and report difficulties, the sources said, declining to be named due to sensitivity of the matter. NDRC said in a statement late on Tuesday that the regulators have asked the unnamed companies in the meeting to optimise their foreign debt structures and proactively prepare for repayment of both principal and interest on their foreign bonds.
The meeting with the regulators took place in Beijing on Tuesday against the backdrop of developers Fantasia Holdings Group, Sinic Holdings and Modern Land defaulting on their maturing dollar bonds this month.
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