(Yicai) Nov. 30 -- Zhuhai Wanda Commercial Management Group, the debt-laden commercial property management unit of Chinese real estate giant Dalian Wanda Group, said creditors have agreed to restructure a USD600 million bond, including extending the payback period by 11 months.

The restructuring was approved by more than 99 percent of the bondholders, the company said in a stock exchange filing today. The maturity of the bond, which was scheduled to come due in January, was extended to Dec. 29 of next year, it added.

The bond, sold in January 2014 by Wanda Properties International, a unit of Wanda Commercial Management, will be repaid in four installments over the year and does not involve other public debt adjustments, the firm noted. Its repayment will be financed from stable rental incomes and dividends, and the plan is strictly arranged to achieve completion, it said.

Three days after Wanda Commercial Management announced on Nov. 21 that it would adjust the bond’s repayment schedule, credit ratings agency Moody’s Investors Service downgraded the Zhuhai-based company to ‘Caa2’ from ‘Caa1.’

The rollover will enable Wanda Commercial Management to ease its recent liquidity pressure to cope with expected future cash flows, it pointed out, noting that the company’s future liquidity risk is stable and controllable.

After repaying the USD600 million bond, Wanda Commercial Management will only have two US dollar bonds worth USD400 million each, which are scheduled to mature in batches in 2025 and 2026. The company is confident that it can repay them on time, it pointed out.

Established in September 2002, Wanda Commercial Management is Dalian Wanda's business platform for investing and operating commercial properties. Its interest-bearing liabilities rose 3.9 percent to CNY141.3 billion (USD20 million) as of June 30 from the end of last year, with those due within one year totaling CNY29.3 billion (USD4.1 billion).

Editor: Martin Kadiev