HONG KONG -- Investors holding bonds issued by China's lengthening list of distressed property developers are increasingly facing a stark choice: accept proposals to postpone repayment and forgive part of the debt, or gamble on what might be recovered in a bankruptcy restructuring.
The latest developer to present this dilemma to investors is mid-sized Yuzhou Group Holdings, which was due to make a $41 million interest coupon payment to holders of two of its bonds on Thursday.
