Kaisa Group said it is seeking bond holders’ consent to extend the maturity of US$400 million of notes by another two years as part of efforts to improve its liquidity.

Under the plan, the property developer wants bond holders to exchange their existing Kaisa notes for new notes maturing on June 6, 2023.

“If the exchange Offer and consent solicitation are not successfully consummated, we may not be able to repay the existing notes upon maturity on December 7, 2021, and we may consider alternative debt restructuring exercise,” Kaisa said Thursday.

The developer issued the senior notes in December 2020 with an annual coupon of 6.5%. Kaisa’s new notes will also bear the same interest and will be paid entirely in cash.

Many of China’s property developers are facing severe liquidity issues as regulatory curbs on borrowing, coupled with slowing home sales, have heaped pressure on companies including conglomerate China Evergrande Group.

“Despite our efforts to reduce our interest-bearing debt in response to government regulations, the current sharp downturn in the financing environment has limited our funding sources to address the upcoming maturities,” Kasia said.

Shares of Kaisa Group, one of the biggest borrowers in international bond markets, fell to an all-time low earlier this month after the company missed a payment on a wealth-management product and said it was facing “unprecedented pressure on its liquidity.”

Late Wednesday, the company had said that it has made payment arrangements for 1.01 billion yuan (US$171.61 million) on wealth products issued by its group and associates.

Shares of the company, which have been in a trading halt on the Hong Kong Exchange since Nov. 5, will resume trading from Thursday.