SHANGHAI, (Reuters) –Greenland Holdings, a state-backed Chinese property developer, said Friday that it will extend its repayment of the $488 million bond offshore due in June. This was according to Reuters’ transcript and sources who were present at an investor conference.

Greenland in Shanghai is the first developer supported by the state to make a dollar bond repayment since China’s financial crisis.

Private developers offer bond exchanges as a way to relieve liquidity problems. However, some, such as China Evergrande Group or Sunac China have defaulted on certain payments.

Greenland had earlier filed a Friday filing in which it stated that it would request approval from holders for the June notes and extend the repayment. This was citing the COVID-19 Shanghai lockdown. However, the filing didn’t include details about the extension.

Greenland indicated that it would pay 10% and all interest on the June 25, 2022 maturity date. However, the remainder would be paid in 2023.

Developer said that they were “fully capable of” repaying the three remaining bond tranches. The June payment was affected only by cashflow disruptions from March lockdowns.

Greenland was not immediately available for comment.

The company’s April sales dropped by 57% compared to a year ago, and the sales for this month will continue to fall, Wu Zhengkui (general manager of Greenland’s finance department) told the conference call.

To improve liquidity, the company plans to sell assets worth 50 to 70 billion Yuan (7.5 to 10.4 billion dollars).

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