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Powerlong Real Estate Holdings Ltd said bondholders have approved a restructuring proposal involving six onshore corporate bonds and asset-backed securities issued by one of its units. The plan allows bondholders to choose among onshore restructuring options and receive allocations for the bonds they hold. This development comes as the company continues to address domestic debt pressures amid a challenging property market in China. Approval from onshore bondholders is seen as an important step in Powerlong's broader effort to stabilise its financial position and manage near-term repayment risks.
Powerlong Real Estate Holdings Ltd said that bondholders have approved a restructuring proposal related to debt issued by one of its units, marking a key step in its efforts to manage onshore liabilities. The approval covers six onshore corporate bonds along with asset-backed securities issued by the subsidiary, according to a company disclosure. Advertisement
The company said the restructuring framework allows bondholders to participate directly in the process. Under the approved plan, bondholders will be arranged to make selections and receive allocations based on the available onshore restructuring options for the bonds they hold. These options typically involve variations in maturity extensions, repayment schedules, or exchanges, depending on the specific instrument.
Powerlong has been working on restructuring its domestic debt amid prolonged stress in China's property sector, where developers have faced weak sales, tight liquidity, and limited refinancing channels. The group, listed in Hong Kong, had previously indicated that stabilising onshore obligations was critical to maintaining operations and preserving project-level value. The latest approval signals coordination with domestic creditors, which is often viewed as more complex than offshore negotiations due to regulatory and structural factors.
Source Reuters
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