Zhongliang Holdings completed an exchange offer for portions of its 8.5% bonds due May 2022 and 9.5% bonds due 2022. This was its second exchange offer after the developer in mid-May, completed an exchange offer for $262.17mn, or 90.47% of the May 2022s and $367.664mn, or 83.66% of the July 2022s. Zhongliang will now issue an additional $22.59mn of its new 8.75% 2023s and $45mn of its new 9.75% 2023s notes as part of the exchange. The two sets of bonds will now be consolidated, implying that about 93.56% and 97.14% of the initial May and July notes were successfully tendered for exchange.

Local bondholders of Sunac China approved the extension of its outstanding RMB 1.44bn ($210mn) principal on a local bond. The company plans to pay only the interest component on the maturity date while the principal component will be paid in four installments of 10%, 15%, 20% and 55% by June 2024.

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