Sunac China Holdings Ltd. became one of the first major Chinese developers to unveil a debt restructuring plan, providing a potential roadmap for defaulted peers as they try to survive the nation’s unprecedented real estate crisis, Bloomberg News reported. The company proposed to convert as much as $4 billion of its $9.1 billion in offshore debt into ordinary shares or equity-linked instruments, a Hong Kong stock exchange filing showed on Friday. The rest will be exchanged into new dollar bonds with maturities ranging from two to eight years.

China will sell 750 billion yuan ($108 billion) worth of special sovereign bonds next week, in a move economists said was likely to be a rollover of existing debt rather than representing new stimulus, Bloomberg News reported. The notes will be sold on Dec. 12, and issued to designated domestic banks in the interbank bond market, according to the statement posted on the Ministry of Finance website late Friday. The People’s Bank of China will carry out open market operations with relevant banks, it added.

Hungry for foreign currency to shore up their dwindling reserves, some troubled countries have in recent years turned to an unusual source of funds: The People’s Bank of China, the Wall Street Journal reported. China’s central bank has funneled billions over the past decade to around 20 countries, including Pakistan, Sri Lanka, Argentina and Laos, via swap lines that allow overseas central banks to exchange their domestic currencies for Chinese yuan.

The Bank of Japan may abandon its 10-year bond yield cap as early as next year on growing prospects that inflation and wages will overshoot expectations, said Takeo Hoshi, an academic with close ties to incumbent central bank policymakers, Reuters reported. The BOJ must maintain an ultraloose policy for the time being to convince the public that it is serious about reflating the economy long enough to generate sustained inflation, said Hoshi, an economics professor at the University of Tokyo.

Amber Group, one of Asia’s leading crypto trading and lending platforms, is cutting jobs, scrapping retail operations and terminating a sponsorship deal with Chelsea FC in the latest retrenchment to hit the digital-asset sector, Bloomberg News reported. The decisions are part of a major cost-cutting strategy, according to a person familiar with the matter, who asked not to be identified discussing private information.

Yes Bank has moved the National Company Law Tribunal (NCLT) to initiate corporate insolvency resolution process (CIRP) against Digital Ventures Pvt. Ltd, a wholly-owned unit of Zee Learn Ltd, LiveMint.com reported. The private lender has filed the petition under Section 7 of the Insolvency and Bankruptcy Code, which allows a financial creditor to file an application for initiating the process. The NCLT has issued a notice to Digital Ventures.

Sitting in a lake teeming with wildlife, several hours by train from Seoul, Korea’s Legoland is an unlikely poster child for the global struggle to fight inflation while maintaining financial stability. But a default on 205 billion won ($155 million) worth of debt by the theme park’s developer triggered the worst meltdown in South Korea’s 1,690 trillion won credit market since the global financial crisis, Bloomberg News reported.

China rolled back rules on isolating people with COVID-19 and dropped virus test requirements for some public places Wednesday in a dramatic change to a strategy that confined millions of people to their homes and sparked protests and demands for President Xi Jinping to resign, the Associated Press reported. The move adds to earlier easing that fueled hopes Beijing was scrapping its “zero COVID” strategy, which is disrupting manufacturing and global trade.

Lenders to bankrupt Jet Airways India Ltd. are resisting a court-approved resolution plan, further delaying the former No. 1 private airline’s return to the skies, according to people familiar with the matter and email communications seen by Bloomberg News. The primary dispute is about whether the new owners of Jet Airways need to pay more money into the pension funds of ex-employees, the people said, asking not to be identified because they’re not authorized to speak publicly about the matter.

A U.S. bankruptcy judge ordered the founders of Singapore-based Three Arrows Capital Ltd. to turn over records related to the failed cryptocurrency hedge fund’s assets to its liquidators, WSJ Pro Bankruptcy reported. Judge Martin Glenn of the U.S. Bankruptcy Court in New York granted the liquidators’ request to subpoena Three Arrows founders Su Zhu and Kyle Davies as part of an effort to recover the hedge fund’s assets. Messrs.