HONG KONG (Reuters) -Sunac China has won approval from some of its bondholders for a plan to cut its onshore bond debt by more than half through a restructuring, a source with direct knowledge of the matter said on Tuesday.

Two of the ten onshore bonds in the restructuring have received sufficient support from holders, the person said. The company will delay the voting deadline for the rest of the bonds to Dec. 23.

Sunac declined to comment.

Once one of the country's top developers, Sunac is the first Chinese property developer who aims to carry out a steep cut on its 15.4 billion yuan ($2.12 billion) onshore bonds through an restructuring.

The voting originally ended on Monday, having given bondholders only eight working days to deliberate and communicate with the company on the refined proposal, private filing to bondholders seen by Reuters has showed.

Most developers have only extended their onshore bond maturities so far - some by twice or three times - instead of implementing a restructuring with debt cut options.

Sunac first restructured its onshore bonds in late 2022 by extending all coupon and principal payments.

After several payments became due again, it started delaying payments in June as "the time length and level of the company cashflow being under pressure far exceeded expectations," it said in a filing last month.

($1 = 7.2791 Chinese yuan renminbi)

(Reporting by Clare Jim; Editing by Louise Heavens)

By Clare Jim