Like many Chinese property developers, Zhenro faces a severe liquidity crisis as the sector is under extreme stress
Zhenro Properties said it has made significant progress with its offshore debt restructuring, allowing the Chinese company to issue new U.S. dollar bonds starting next year.
The developer entered a restructuring term sheet agreement with certain debtholders that hold about 27.1% of the aggregate outstanding principal amount of senior notes and perpetual securities issued by Zhenro, it said late Wednesday.
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Source : The Wall Street Journal