(Bloomberg) -- Sunac China Holdings Ltd. is working on restructuring more than $9 billion of unsecured offshore debt, according to people with knowledge of the matter. 

China’s 10th-largest developer is trying to overhaul its offshore credit, which includes a mixture of public and private debt, the people said, asking not to be named because the matter is private. Sunac declined to comment in an emailed statement. 

The defaulted real estate company is divesting assets while fending off a winding-up case in Hong Kong. Chinese developers including Sunac fell into distress during an unprecedented property slump that’s hurt the world’s second-largest economy and prompted regulators to formulate a sweeping rescue plan for the industry. 

Sunac earlier struggled to get creditors on board with a preliminary offshore-bond restructuring plan, Bloomberg reported last month. That effort faced resistance to a proposal for lengthy maturity extensions and a chunky debt-to-equity swap. Sunac has more than $7 billion in offshore public dollar bonds outstanding.

High-profile founder Sun Hongbin has lost nearly 60% of his wealth this year, according to the Bloomberg Billionaires Index. The company’s shares tumbled 61% this year before they were suspended in March when it failed to report earnings on time. 

Sunac said last month that net income for 2021 may have dropped 207% from a year earlier. The board will meet on Dec. 8 to approve audited results, it said. 

Sunac is also working on a restructuring plan for its onshore bonds. It’s seeking to extend local notes by as long as 4.5 years, Bloomberg reported last month. 

In its latest divestment, the company transferred part of its stake in a Shanghai property development firm to Citic Trust and China Huarong Asset Management Co.’s affiliate, according to information posted last month on the state-run National Enterprise Credit Information Publicity System.

©2022 Bloomberg L.P.