AsianFin—Chinese property developer CIFI Holdings said on Monday it has reached agreement with a key group of bondholders on a plan to restructure its offshore debt.

A key group of bondholders has agreed "in principle" on the key terms of a proposal offered by CIFI, the company said in a filing to the Hong Kong stock exchange. The group holds or controls approximately 43% in aggregate of the principal amount of CIFI's offshore notes and bonds.

Shanghai-based CIFI defaulted on payments tied to a convertible bond in October, 2022, and has been working with its creditors for repayment solutions since.