Bondholders of 10 bonds by Sunac China's (HKG:1918) unit Sunac Real Estate have approved its debt restructuring plan, allowing it to reduce its onshore debt, a Tuesday bourse filing said.

Under the plan, the real estate developer will be able to cut its onshore debt amounting to 15.4 billion yuan by over 50%, according to a Reuters report.

The bond repayment arrangements will be modified under the plan, with options for restructuring including a bond buyback, payment through equity or equity economic income rights, and debt settlement with assets.

Sunac Real Estate will then allow bondholders to choose and allocate restructuring options based on the number of bonds they hold.