Sunac China (HKG:1918) is asking for bondholder approval for an improved debt restructuring plan, Reuters reported Wednesday, citing a private filing.

Bondholders will have to vote on the proposal, which will see the property company offering 1% upfront cash plus accrued interest at the end of 2025 for its debt extension program, Reuters said.

The offer, if approved, will slash Sunac's outstanding onshore debt of 15.4 billion yuan slashed by half, the report said.

The deadline for the votation will be on Dec. 9, the report said.