SHANGHAI, (Reuters) – Yango Group, a Chinese developer has requested that holders of its assetbacked securities refrain from asking for repayment over fears it will struggle to repay.

Yango’s 1.27 Billion Yuan ($198 Million) 6.5% Asset-backed Securities mature November 20,22, but holders have the right to request repayment in the next month.

Redd reported late Friday that four sources, unnamed, said the company requested investors Friday at an closed-door meeting held in Shanghai. This was attended by top executives.

Yango will not offer credit enhancements for holders in an effort to persuade them to vote on the extension. Furthermore, executives stated that they could struggle to pay if investors do not extend the date. Redd stated that no bondholders approved the plan at the conclusion of the meeting.

The request comes as a debt crisis at China Evergrande Group has raised concerns https://www.reuters.com/article/china-evergrande-debt-explainer-idCAKBN2HC0MU among investors globally about the country’s deeply indebted, $5 trillion property sector, tightening funding access for other developers.

Evergrande avoided a catastrophe for the second consecutive week by paying a final-minute amount on a overdue bond coupon of $16 before its grace period ran out.

According to data from Refinitiv, Yango also has asset-backed securities and eight U.S. dollars bonds totaling $2.24 trillion. There are 14 outstanding bonds in yuan worth 13.1 billion Yuan.

($1 = 6.4050