(Yicai Global) March 8 -- Chinese property developer Sunac China Holdings has reportedly received the support of its main offshore creditors for a US dollar bond restructuring plan that will likely be made public by the end of this month.

Under the plan, Sunac will issue new dollar-denominated notes offshore to replace USD9.1 billion of existing debt and extend the maturity by two to nine years, The Paper reported yesterday, citing sources at the Beijing-based firm. Creditors will also be allowed to partly or completely convert their dollar bonds into shares of Sunac or its unit Sunac Services Holdings.

Trading in Sunac's Hong Kong-listed shares was halted almost a year ago after the firm defaulted. By the end of 2021, the builder owed CNY1.05 trillion (USD150.7 billion), with a liability ratio of 89 percent, according to its long-delayed 2021 earnings report released last December.

Chairman Sun Hongbin will still own 30 percent of the company after the restructuring, remaining its controlling shareholder.

With regards to Sunac’s domestic debts, creditors of its subsidiary Sunac Real Estate Group earlier voted to roll over 10 onshore bonds worth CNY16 billion, with an weighted average extension period of 3.5 years.

Sunac has not yet published its 2022 interim report, but according to February's sales data released on March 6, the company sold about CNY10.9 billion (USD1.6 billion) of property last month, bringing the total for the first two months of the year to CNY18.1 billion.

Editor: Futura Costaglione