Credit-rating firm S&P Global Ratings downgraded Sinic Holdings (Group) Co Ltd to 'CCC+' on Tuesday, citing the Chinese developer's failure "to communicate a clear repayment plan".

"Sinic had previously prepared to remit funds offshore to repay its $246 million senior notes due Oct. 18, 2021, with its unrestricted cash balance of over 14 billion Chinese renminbi ($2.17 billion) as of June 30, 2021.

However, there hasn't been any progress thus far and the timing of any remittance is uncertain", S&P said in its note.