Nov 25 (Reuters) - Chinese developer Kaisa Group (1638.HK) said on Thursday it is offering bondholders an option to exchange their existing bonds with new bonds having an extended maturity, in an attempt to improve its financial stability and continue to stay afloat. The embattled property developer is offering exchange for at least $380 million, or 95% of the outstanding principal of existing notes listed on the Singapore Exchange, it said in a statement. "If the exchange offer and consent solicitation are not successfully consummated, we may not be able to repay the existing notes upon maturity on Dec. 7, and we may consider alternative debt restructuring exercise," Kaisa said. Kaisa has the most offshore debt of any Chinese developer after China Evergrande Group (3333.HK), and has not paid coupons totalling over $59 million due on Nov. 11 and 12, with 30-day grace periods for both. read more Chinese developers are facing an unprecedented liquidity squeeze due to regulatory curbs on borrowings, causing a string of offshore debt defaults, credit rating downgrades and sell-offs in some developers" shares and bonds in recent months.