(Yicai) Jan. 12 -- Shares of China Aoyuan Group jumped after the troubled real estate developer even got its offshore debt restructuring sorted for now, signaling an end to defaults.

Aoyuan [HKG: 3883] closed 10.5 percent higher at HKD0.21 (3 US cents) today after soaring by 20 percent intraday.

The developer of residential and retail spaces today said its offshore debt restructuring plan has been approved by a court in the Hong Kong Special Administrative Region.

The Guangzhou-based firm will issue new financing tools to swap USD6.1 billion of offshore debt to reduce its liability burdens by USD4.9 billion in the upcoming eight years, per the scheme. These financing tools consist of four new bonds worth USD2.3 billion in total, one perpetual bond worth USD1.6 billion, 1.4 billion common shares, and USD143 million in convertible notes.

Aoyuan is reemerging from its debt crisis that started in January 2022. Last September, 12 existing domestic bonds were extended for three years so repayment periods are becoming less stressful across the board.

More than 50 listed property developers have started debt restructuring since a series of defaults began in the second half of 2021. But just a small number of them have finished such plans including Sunac China Holdings and R&F Properties.

Despite the crisis, Aoyuan still delivered 35,400 new housing units with about 4.1 million square meters last year, more than in 2022, according to the firm's website.

Editors: Dou Shicong, Emmi Laine