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HONG KONG, March 30 (Reuters) - Sunac China chairman Sun Hongbin has told investors the embattled property developer has been actively working with asset managers and applying for official funding to ensure developments are completed.
Sunac has introduced distressed asset managers (AMC) into 20 billion yuan ($2.91 billion) worth of major projects, and implemented 11 billion yuan of loans from the government special fund, he said.
Sun made the comment at an online meeting late on Wednesday in which he delivered a briefing about the firm's plan to restructure $9 billion of its offshore debt.
A major developer in the country, Sunac said on Tuesday it has reached agreements with a group of offshore creditors to convert its debt into new notes and convertible bonds backed by its Hong Kong-listed shares, and shares in its property management unit, Sunac Services.
Many defaulted Chinese developers are still struggling to strike deals with creditors to extend repayments, and seek funds to complete projects for homebuyers - a priority of the central government.
The firm restructured its onshore debt early this year by extending the maturity of bonds worth 16 billion yuan by an average of 3.5 years.
Sunac will continue to negotiate with onshore banks to extend repayment of project loans, Sun added, including through solutions by introducing AMC capital.
Talking about the offshore debt restructuring plan, Sun said it will be paramount for restoring the developer's operations, so it must be implemented quickly.
The management team has "deeply reflected" on the cause of the firm's liquidity problems, he said, and linked them partly to "its habit of chasing after scale that led to overly optimistic and radical investments". ($1 = 6.8771 Chinese yuan renminbi) (Reporting by Clare Jim; Editing by Gerry Doyle)