Debt-laden Chinese real-estate developer Evergrande Group says it has reached an agreement with key creditors on a debt restructuring plan.

Evergrande defaulted on interest payments of its dollar-denominated corporate bonds in December 2021, following the government's decision to tighten restrictions for the real-estate sector.

The developer said on Monday that key creditors agreed on the restructuring plan for bonds worth 19.1 billion dollars.

The agreement allows some investors to exchange their holdings for new notes and instruments linked to equity in subsidiaries.

The developer's main task for the next three years is to complete and hand over properties still under construction. It says it needs additional funds of about 44 billion dollars to finish the job.

Concerns over the economic impact of China's struggling real-estate industry remain, as there are many other developers that have defaulted on debt repayments.