Vanke shares jumped in Hong Kong and in the mainland.

Its peers also jumped in Hong Kong. Sunac and Ronshine China rose 13%; China Jinmao and Radiance rose 9%; R&F Properties rose 8%; CIFI Holdings and Agile Group rose 7%.

More than a dozen China Vanke Co. bondholders dialed into an online meeting with company representatives Wednesday morning, people familiar with the matter said, as the developer made an eleventh-hour push to win support for a crucial debt extension plan, Bloomberg reported.

During the roughly 30-minute meeting, holders of Vanke’s 2 billion yuan ($283 million) onshore note due Dec. 15 were presented with three proposals: a 12-month delay without any upfront cash payments or installments, a plan that was in line with what Vanke told bondholders earlier; and two other options with more generous terms requiring Vanke to pay interest on time and add credit enhancements. Holders can vote through the end of Friday Hong Kong time.

The debt extension is a critical part of Vanke’s strategy to relieve liquidity stress and mitigate default risk. The builder’s largest state shareholder, Shenzhen Metro Group Co., has provided a lifeline in the past, offering over 30 billion yuan in shareholder loans. But it has more recently tightened financing terms, shifting its approach to support, and sparked a drop in Vanke’s securities to deeply distressed levels.

It’s unclear whether the two additional proposals put in front of creditors Wednesday were submitted by Vanke or creditors themselves. The company needs approval from holders of at least 90% of the amount owed to pass the option. But whatever the outcome of the vote, it’s ultimately up to Vanke to decide whether to accept and implement a plan.

One bondholder on the call asked if Vanke would implement whichever proposal received bondholders’ backing, the people said. A Vanke representative responded by saying the company is looking into it, the people added.