A Chinese science park developer has been threatened by creditors with legal action over its plan to restructure almost $1bn of debt, in an example of the liquidity crisis spreading to another segment of China’s property sector.
A group of bondholders plans to block the proposal from Tuspark, founded by the investment arm of Tsinghua University, one of China’s most prestigious educational institutions.
Tuspark has missed the expiry of grace periods on principal and interest payments on two offshore bonds, with the principal worth a total of $902.5mn. Funds managed by Credit Suisse hold the largest reported stake in both of the bonds, according to Bloomberg data.
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