Chinese property developer Zhongliang Holdings Group seeks to exchange any or all of its remaining $27.63mn 8.5% bonds due May 2022 and its $71.17mn bonds due July 2022, according to an HKEX filing. In mid-May, the company completed an exchange offer for $262.17mn, or 90.47% of the May 2022s, and $367.664mn, or 83.66% of the July 2022s. The company also waived the 90% minimum acceptance criteria for the July bonds at that time. Following the mid-May exchange, Zhongliang issued a $201.4mn 8.75% bond due April 2023 and a $428.4mn 9.75% bond due December 2023. The company may redeem the bonds at par, plus interest, at any time before their maturity. Investors participating in the latest exchange will receive a $10 cash incentive fee, accrued interest, and an equal amount of the new notes per $1,000 in principal. The company said it is facing liquidity pressures and the exchange is being done as it may not be able to make timely payments for the remaining 2022s when they mature. The The mid-May exchange offer saw investors agreeing to a consent solicitation to amend the indentures of the $200mn 12% April 2023 notes, as well as the exchanged bonds.