Adds details on restructuring plan in paragraph 5, background from paragraph 6

April 17 (Reuters) - Property developer Sunac 1918.HK said on Thursday it had reached an agreement with key creditors on an offshore debt restructuring plan, becoming the only Chinese developer to pursue a second such overhaul.

The scope of the restructuring includes offshore debts issued or guaranteed by the company, with debt claims of about $9.55 billion as of 30 June 2025, the company said.

Creditors holding about $1.3 billion in total principal debt have signed the restructuring support agreement so far. Some others, holding over $1 billion, have expressed support for the plan and are in the process of acceding to it.

The creditors together hold about 26% of the principal amount of the existing debt, Sunac said.

Under the latest proposal, two series of mandatory convertible bonds will be issued to creditors which can be converted into company shares at HK$6.80 and HK$3.85 apiece, respectively, following the restructuring.

Earlier this year, Sunac reduced its onshore debt of 15.4 billion yuan ($2.11 billion) by more than half after bondholders accepted the first restructuring proposal.

In 2023, it also restructured its $9 billion offshore debt by swapping its existing debt for a combination of notes, among others.

Sunac, among other Chinese property firms, has been hit hard by the sector's downturn in the country, resulting in fewer real estate project completions and weaker earnings for developers as they fight to recover.

For 2024, Sunac posted a wider loss of 25.70 billion yuan, total group borrowings of about 259.67 billion yuan and a cash balance of 19.75 billion yuan.

This year so far, companies such as Logan 3380.HK and Shimao 0813.HK have received creditor backing for offshore debt revamp.

($1 = 7.2990 Chinese yuan renminbi)

(Reporting by Roshan Thomas and Sneha Kumar in Bengaluru; Editing by Pooja Desai and Shinjini Ganguli)

((Roshan.Thomas@thomsonreuters.com;))