HONG KONG, Jan 13 (Reuters) - Chinese property developer Yuzhou Group (1628.HK) announced an exchange offer for two of its 2022 bonds totalling $582 million to avoid default, sending its bonds and shares tumbling. The firm offered to extend by one year the maturity of two U.S. dollar bonds due this month in a filing late on Wednesday. It also said it expects a delay in coupon payments totalling $110 million that are due in January and February. Yuzhou said it would "make every effort" to pay the coupons within the 30-day grade period. The firm may not have sufficient funds to make its near-term payment obligations, Yuzhou said in the filing, and the offer would improve its overall financial condition. The developer, like many of its peers, is facing tight cashflow due to stricter regulatory controls to curb excessive borrowing in the property market. The bonds Yuzhou is seeking to swap are for 6% notes maturing on Jan. 25 and 8.625% notes maturing on Jan. 23 . For each $1,000 principal amount, the holder will get $50 principal repayment in cash and another $10 in cash, together with $950 principal of new notes maturing on Jan. 21, 2023, carrying 7.8125% interest. The cash-strapped firm is also seeking requisite consent from holders of all of its other $4.5 billion dollar bonds to amend the terms. That would help avoid a situation where holders of other bonds demand early repayment, triggering defaults. The developer is also speaking to other creditors to seek waivers or amendments. If that fails, the creditors may seek to exercise their rights of enforcement, Yuzhou said. As of 0323 GMT on Thursday, shares of Yuzhou listed in Hong Kong dropped 5.6%. The two dollar bonds in question were trading between 22.8-24 cents on the dollar, down from over 30 cents last week, according to data by Duration Finance. One of its yuan-denominated bonds tumbled 21.8% before it was ordered to temporarily halt trading.