As a growing number of defaults hit the sector, some Chinese property developers have expressed their intention to regulators to prolong their offshore bond maturities or conduct debt restructuring, according to two sources with knowledge of the situation.
According to the sources, the developers submitted the proposals during a meeting on Tuesday co-hosted by the national development and reform commission (NDRC) and the state administration for foreign exchange (SAFE).
It was unclear which developers made the proposals or what decision the regulators would make.
The regulators, on the other hand, instructed developers with high offshore debt maturities to examine their repayment risks and disclose difficulties, according to individuals.
The development highlights the frenetic behind-the-scenes attempts by debt-laden developers and Chinese regulators to minimize the impact centred on beleaguered China Evergrande, as concerns about the property sector's liquidity grow.
The NDRC said in a late-Tuesday statement that the regulators had asked the unnamed companies in the meeting to optimize their foreign debt arrangements and to plan ahead of time for repayment of both principle and interest on their foreign bonds.
They advised foreign debt issuers to "jointly safeguard their own reputations and the overall order of the market" by using funds for approved purposes.
Developers Fantasia, Sinic and Modern Land, all defaulted on their maturing dollar bonds this month, prompting a meeting on Tuesday in Beijing.
The liquidity crisis in China's $5 trillion property market has been exacerbated in part by Evergrande, which is on the verge of bankruptcy with over $300 billion in debt and is failing to satisfy payment obligations.