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China Builder RiseSun Says Majority Support Debt-Swap Offer

  • Cash-strapped Chinese developer seeks more time to repay debts
  • Plans to sell assets including property management unit
Updated on

China’s RiseSun Real Estate Development Co. said most creditors have given a positive response so far to its offer to swap two dollar bonds, as the cash-strapped developer seeks more time to repay debt. 

A majority of holders have provided verbal consent to its proposal to exchange the bonds maturing next year for new notes with longer durations, RiseSun said in response to questions from Bloomberg, without giving specific figures. Investors holding less than 10% of the notes have indicated opposition to the plan, the company said.