Chinese developer Zhongliang Holdings is scrambling to secure bondholder approval to extend the repayment on notes worth US$729 million ahead of a key deadline next week, joining peers desperate to avoid offshore debt defaults.
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The Shanghai-based company has struggled to sell enough houses amid a sustained property downturn in China or secure refinancing to pay investors who are due full redemption on their bonds in May and July.
A bond default by Zhongliang would deepen investor worries about China's property sector as Beijing seeks to shore up confidence in the wider economy.
Even if Zhongliang gets approval to extend by another year, the developer, reeling under a cash crunch, would need to pay an additional US$1.25 million on its bond coupons now due to a weaker yuan. For other cash-strapped issuers with heavier debt burdens, additional repayment costs due to the currency swing could be much larger.
"The situation is definitely more severe this time," said Zhongliang chief financial officer Albert Yau, comparing current conditions to the yuan's last major decline in 2018.
Unlike the 2018 tumble, developers are now unable to refinance offshore after a series of defaults by other issuers in the troubled sector made new debt raising impossible. That means repayments would need to be transferred from onshore yuan accounts.
