China Evergrande Group has proposed a new debt restructuring plan for offshore bondholders, Reuters reported, citing two people familiar with the matter.

The plan would swap debt into about a 30% equity stake in each of the developer’s two Hong Kong-listed subsidiaries, according to the report.

Evergrande’s legal representative said at a Hong Kong court hearing Monday that the builder will look to use shares of China Evergrande New Energy Vehicle Group Ltd. and Evergrande Property Services Group Ltd. as key components in any further debt-restructuring attempts.

The world’s most indebted developer shocked creditors and other observers last month when it said it would reassess its offshore-debt restructuring plan. Evergrande said then that it was unable to meet Chinese requirements to issue new bonds, securities that were a crucial part of its original debt proposal.

Evergrande did not respond to a request for comment, according to the report.