Rongsheng Development to Restructure RMB 3.852B in Bonds

The scale mismatch is the real story: a debt-for-asset swap against roughly RMB 3.9 billion of principal and RMB 1.2 billion of interest, backed by assets appraised in the tens of millions, signals recovery values far below face for holders. Interest waivers push the burden further onto creditors rather than the issuer, a pattern familiar from onshore developer restructurings. Approval by shareholders and bondholder meetings is the gating event — whether enough holders accept terms this thin is the open question, and how the asset appraisal is received will shape the vote.