Zhenro Properties (06158.HK) has proposed restructuring nine onshore corporate
bonds and asset-backed securities totaling 6.614 bln yuan; bondholder meetings
are scheduled Aug 13–27 to vote on the plan and procedural waivers. Under the
extension option, using July 31, 2026 as the base date, all outstanding
principal would have its maturity extended by 8.5 years to a new final maturity
of Jan 31, 2035. From the base date, capitalized interest would no longer be
treated as principal; remaining principal would accrue simple interest at 1.0%
p.a., with interest paid when principal is repaid. Principal would be repaid in
eight installments between Apr 30, 2033 and Jan 31, 2035 in proportions of 5%,
5%, 10%, 10%, 15%, 15%, 20% and 20%; each installment would also settle interest
accrued to the base date and subsequent interest for that tranche. The proposal
reportedly also offers alternative options, including a buyback at 8% of
remaining face value.
