(Yicai) Sept. 5 -- Cash-strapped Country Garden Holdings is trying to extend the deadlines on another eight onshore bonds after China’s largest property developer succeeded in rolling over one earlier this month in a bid to avoid default.

The vote to push back the repayment date of H19 Country Garden Real Estate Group 03 and seven other bonds will take place at a meeting of bondholders scheduled to take place between Sept. 7 and 11, according to an internal Country Garden report seen by Yicai today.

Country Garden is applying to roll over H19 03, which pays 4.98 percent on CNY3 billion (USD410.6 million), by three years to Nov. 20, 2026, the report said. The outstanding CNY992.7 million (USD135.9 million) will be repaid in seven phases. Two percent will be paid in each of the first three phases, 10 percent in the fourth, 15 percent in the fifth, 25 percent in the sixth, and 44 percent in the final phase.

The other seven bonds, worth around CNY10.8 billion (USD1.5 billion), will have similar extension periods and repayment schemes, the report said.

The builder suspended trading of 11 of its onshore bonds worth CNY15.7 billion (USD2.2 billion) on Aug. 14 as it entered debt restructuring. The company secured its first-ever extension on Sept. 2 when creditors approved the rollover of 16 Country Garden 05, a private equity bond, and it is now trying to push back the deadlines on another eight. There is no plan for the remaining two as yet, sources told Yicai.

Although Country Garden has not said it will also try to postpone payments on its offshore bonds, the Foshan-based developer is likely to issue some restructuring plans soon given that quite a lot of offshore debt will mature early next year.

China’s real estate market has been sluggish since 2021 and the financing environment has worsened. This, combined with tighter regulation, has shrunk Country Garden’s finances, a company insider said earlier.

Country Garden was able to pay the interest of around USD20 million on two US dollar-denominated bonds within the one-month grace period that expired today.

Editors: Xu Wei, Kim Taylor