Sunac was supposed to pay 10% and 15% of the principal at the end of June and Sept, respectively. Now the firm will hold a meeting on June 28-29 for bondholders to approve cutting the percentages to 5% and 10%.

The June 30 payment is first of the six instalments of the 4 billion yuan puttable bond [CN163376SH=] that Sunac had extended from April 1 by 18 months.

The reduced portions will be paid at the last instalment in Sept, 2023, the filing said.

($1 = 6.6885 Chinese yuan renminbi)

(Reporting by Clare Jim; Editing by Toby Chopra)