HONG KONG, (Reuters) – A debt swap in which most bondholders have agreed to extend repayments to September 2022 was a solution for Yango Group Co Ltd, a cash-strapped Chinese developer.

As it seeks avoidance of defaulting on its debt payments, the company asked $747 million worth of investors in dollar bonds to swap them for notes that were personally guaranteed by its chairman.

Yango announced in a filing Thursday that the company will issue the notes sometime around November 23, 2022. The new notes will have an annual interest of 10.25% and will be matured on September 15, 2022.

This extension applies to company’s 200 million dollars at 5.3% in January 2022, $300 million at 10.25% March 20,22 and $247 million bonds of 10% February 2023.

Additionally, it is seeking extensions from holders of five additional bonds.

On Friday, the Shanghai-based developer announced separately that the investors of three offshore bonds, due to mature in November, had agreed on a Shenzhen Stock Exchange investor platform, that they would extend the debt for one year.

Sources tell Reuters that it reached an agreement with investors earlier this month to extend the payment dates for asset-backed securities.