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Caixin

Chinese developer Logan seeks to extend maturity of offshore bonds

Company faces large debt due or puttable by year-end

A construction site in Shenzhen following the latest COVID outbreak in Guangdong Province.   © Reuters

Chinese property developer Logan Group is in talks to extend the maturities of its offshore debt amounting to hundreds of millions of dollars, several sources with knowledge of the matter told Caixin, the latest indication of distressed finances among developers as a growing number of defaults hit the debt-laden real estate sector.

If it cannot get offshore bondholders to approve the extensions, the company plans to undertake debt restructuring, the sources said. The company is seeking an extension of between four and seven years, one institutional investor said.

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