Altogether 10 tranches of R&F's offshore bonds, originally due to mature between this month and 2024, will be extended by two to four years,according to stock exchange filings by the company on Monday.

Effectively, the old bonds will be swapped into three groups of amortization notes to mature in 2025, 2027, and 2028, with a coupon at 6.5%, the filings showed. The new bonds are expected to be listed on the Singapore stock exchange on July 15.

The 10 tranches of offshore bonds were worth $4.9 billion by face value, according to a person familiar with the matter, declining to be named as the person was not authorised to speak to the media.

Bondholders, mainly private bank clients, and institutional investors approved the proposal made by R&F following a meeting held on Monday morning, according to the person.

Guangzhou R&F did not immediately respond to a Reuters request for comment after regular business hours.

R&F has a number of super-sized projects in global cities such as London. The company proposed extending its debt maturity last month to avoid default, citing challenging operating and funding conditions, as well as refinancing uncertainties.

JPMorgan Securities and Arta Global Markets were advisors on the transaction.

S&P Global in April downgraded the company to "selective default" after it completed a bond maturity extension on a batch of onshore corporate bonds.

(Reporting by Xie Yu and Scott Murdoch in Hong Kong; Editing by Sumeet Chatterjee and Susan Fenton)

By Xie Yu and Scott Murdoch