Angry homebuyers have resorted to physical protests as well as a threatened boycott of mortgages due to hundreds of unfinished housing projects

In a proposal to bondholders, Hong Kong-listed Powerlong aims to pay 5% of principal on the due date of the bonds, 15% after six months, and the final 80% after 12 months, sources said.

The food-for-homes trade has expanded from wheat and garlic to watermelons and peaches, as developers in some small cities reduce the cash amount that buyers need

The real estate company completed a one-year maturity extension on $500 million in senior unsecured notes, prompting S&P to regrade it one notch higher to "CCC".

Yu Liang's comments helped to drive up the CSI Real Estate Index 6%, while Hong Kong's Hang Seng Mainland Properties Index rose more than 1%

Wheat and garlic are being accepted as property down-payments as desperate China developers scramble to boost sales after a plunge in sales from January to May.

Ratings agency S&P Global downgraded Greenland to "selective default" on Wednesday after the state-backed property developer extended the maturity of $488 million in bonds

New construction starts measured by floor area plunged 30.6% in January-May from a year earlier, after a 26.3% fall in January-April

The government has eased mortgage costs through interest rate cuts, relaxed some rules on ownership of second homes and urged banks to lend more to buyers

Zhaoqing, in Guangdong province, is believed to be the first municipality to introduce guidelines to ease China's property crisis by helping developers' liquidity

Securities brokerages will issue credit default swaps or credit risk mitigation warrants for the bonds to make them more attractive

Average new home prices in 70 major cities fell 0.2% on a month-on-month basis, compared with zero growth in March, according to Reuters calculations