(Bloomberg) -- Some holders of China Fortune Land Development Co. dollar bonds have received less than a third of the payments due Dec. 31 from a debt restructuring agreement, according to people familiar with the matter.

Creditors who participated in the offshore debt restructuring received about 0.55% of the principal as of Tuesday afternoon in Hong Kong, the people said, asking not to be identified as the information is private. The distressed builder, which was obliged to repay 1.8% of the principal, said the delay was due to a technical problem, the people said.

The development underscores how some Chinese builders may be still struggling with debt payment post-restructuring despite Beijing’s recent efforts to revive home sales and smooth financing. The nation’s home sales plunged 34.6% in December from a year earlier, steeper than an almost 30% decline in the prior month, according to preliminary data from China Real Estate Information Corp. last week.

Beijing-based China Fortune Land didn’t immediately reply to a request for comment. 

Modern Land (China) Co. also demonstrated lingering liquidity stress after it completed restructuring and asked for dollar bond payment delay, Bloomberg reported last month. 

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