China Vanke Co., the embattled developer that rattled markets last week with an unexpected request to delay a local bond payment, has again surprised creditors with details of the plan.

Shenzhen-based Vanke, once the nation’s largest builder by sales, told bondholders Monday that it was seeking a one-year delay to pay the 2 billion yuan ($283 million) note originally due Dec. 15, people familiar with the matter said. The 3% interest would also only be paid after a year. The proposed changes would require at least 90% approval from holders, based on the note’s prospectus.

Several creditors had hoped for some upfront payments and for interest to be paid, they said, asking not to be identified discussing private matters. Many Chinese developers including giants such as Country Garden Holdings Co. had previously offered installment payments amid delays, though even with extensions some have struggled to meet the new terms.