Real estate firm Novaland has proposed using unsold properties in its Grand Manhattan development in Ho Chi Minh City to cover outstanding bond debts, Vietnam News is reporting.

It’s not clear that this resolution has been accepted or that it will be by creditors. The bond debt is outstanding from February and May of this year and the Grand Manhattan is currently unfinished and stalled as it waits for legal hurdles to be removed by the city. Furthermore, any property used to cover debts will need to then be sold by investors in a market that is currently in a slump.

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