Zhenro Properties issued the senior notes in early January 2020 with an interest rate of 7.875%.

"In light of the tight liquidity and significant financial pressure of the group, the company does not expect to be in a position to pay the outstanding principal amount of the January 2020 notes and the accrued and unpaid interest thereon upon its maturity on April 15," it said in an exchange filing.

Zhenro and its advisors will continue working on restructuring of its offshore debts, it added.

(Reporting by Sameer Manekar in Bengaluru; Editing by Shailesh Kuber)