Risesun Real Estate Development Co.,Ltd. (002146.SZ) has announced that its wholly owned subsidiary, Rongchangda Development (BVI) Limited (the issuer), issued two US dollar bonds offshore in 2022 (collectively the target bonds), which are listed on the Singapore Exchange (SGX-ST).
As of September 29, 2026, the outstanding principal balance of the target bonds was approximately US$845 million, with accrued but unpaid interest of approximately US$89 million.
To optimize the debt structure of the company and its offshore subsidiaries, ease immediate offshore repayment pressure, and mitigate offshore debt risks, the company plans to have the issuer launch a Pure Exchange Offer outside China to eligible holders of the target bonds, repurchasing and canceling validly tendered and accepted target bonds for consideration consisting of cash plus interests in offshore real estate projects.
This restructuring is intended to resolve approximately RMB 3 billion equivalent of US dollar bond principal and corresponding interest of RMB 299.46 million.
The debt restructuring will use cash and offshore real estate project interests as consideration to repurchase and cancel the offshore bonds, rather than relying primarily on immediate large cash repayments by the company. This can effectively ease the company's immediate cash repayment pressure on offshore debt, reduce interest-bearing liabilities, optimize the debt structure, and help the company mitigate debt risks, maintain normal operations, and promote sustained and stable development.
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