Hardly content with its acquisition spree over the past year, Tianjin-based and Hong Kong-listed property developer Sunac China Holdings intends to continue with a US$9.3 billion spend to purchase mainland conglomerate Dalian Wanda Group’s hotel and tourism assets. The deal sets an M&A record for China’s property industry, but also earns Sunac the title of China’s most indebted developer, causing some market concerns over the company’s high leverage levels, estimated to be at net gearing of 300 percent. On the news, Sunac’s 8.75% U.S. dollar bonds due 2019 sold off nearly 0.5 cents.
Sunac May Become China’s Most Indebted Developer After Acquisitions
