Two of the ten onshore bonds in the restructuring have received sufficient support from holders, the person said. The company will delay the voting deadline for the rest of the bonds to Dec. 23.
Sunac declined to comment.
Once one of the country's top developers, Sunac is the first Chinese property developer who aims to carry out a steep cut on its 15.4 billion yuan ($2.12 billion) onshore bonds through an restructuring.
The voting originally ended on Monday, having given bondholders only eight working days to deliberate and communicate with the company on the refined proposal, a private filing to bondholders seen by Reuters has shown.
Most developers have only extended their onshore bond maturities so far - some by twice or three times - instead of implementing a restructuring with debt cut options.
Sunac first restructured its onshore bonds in late 2022 by extending all coupon and principal payments.
After several payments became due again, it started delaying payments in June as "the time length and level of the company's cashflow being under pressure far exceeded expectations," it said in a filing last month.
The Beijing-based developer is offering four options to bondholders in the new restructuring, including one that swaps debt for economic income rights to its Hong Kong-listed shares, which is a first for an onshore bond restructuring.
Another option is 1% upfront cash plus accrued interest by the end of 2025 for replacing existing notes with 1% coupon notes with maturities as long as 9.5 years. The new notes also stipulate that the first principal payment would start only in the fifth year.
Rest of the options are buying back existing bonds at 20% of the nominal values, and accepting repayment from the planned sale of one land parcel.
($1 = 7.2791 Chinese yuan renminbi)
