BEIJING/HONG KONG – As the industry is experiencing increasing defaults, some Chinese property developers are expressing their desire to have their offshore bonds extended or to undergo debt restructuring.

According to sources, the proposals were made at a meeting that was jointly organized by the National Development and Reform Commission and State Administration for Foreign Exchange on Tuesday.

The identities of the developers who submitted these proposals were not known at this time. It is unclear what final decision regulators will make.

However, regulators told offshore developers with large debt maturities to assess their repayment risk and report problems, sources claimed. They declined to name the source due to the sensitive nature of the issue.

This development highlights the incessant behind-the scenes efforts of Chinese regulators and debt-laden developers to limit the fallout centred on embattled China Evergrande Group. As worries about the liquidity crisis in property continue,

Sources said, “Developers were requested to give detailed reports on all of their offshore bond repayment plans. They need to speak out if certain payments are causing them difficulty in repayment.”

The NDRC stated late Tuesday night that it had asked unnamed businesses to optimize their foreign debt structures, and to prepare for the repayment of principal and interest.

They instructed foreign debt issuers not to misuse funds except for authorized purposes.

Information about the meeting and the presentations of the attendees, as well as the details regarding the proposal process, has not been made public.

On Tuesday, the meeting took place in Beijing against the background of Modern Land’s default on its maturing dollar bonds.

Evergrande is partly responsible for the liquidity crisis in China’s property market of $5 trillion. It has more than $300 Billion in debt and is having trouble meeting its payment obligations.

Reuters reached out to SAFE and NDRC for no comment.

The meeting was attended by eight developers: Shimao, Kaisa Group, and Sino-Ocean Group. Financial media outlet Caixin reported that the event took place on Tuesday.

China Vanke, Central China Real Estate, and Oceanwide Holdings were all present, said the sources who had direct knowledge of the talks to Reuters.

Vanke refused to comment. Kaisa confirmed it participated in the meeting without any further details. Requests for comment from China Central China, Oceanwide Shimao or Sino-Ocean Group weren’t answered.