Debt-laden property developer Guangzhou R&F Properties said it would use $104 million to pay for a tender offer and fees to offshore bondholders deemed to have consented to an extension in maturity of a $725-million bond due on Thursday.
The amount, while far less than the $300 million the firm had expected, will still help it avert default, as Chinese developers battle an unprecedented liquidity squeeze caused by years of regulatory curbs on borrowing that brought several offshore debt defaults and credit downgrades.
