Sunac China received bondholder approval for extension on on nine domestic notes and an asset-backed security (ABS), totaling a combined $2.3bn, as per sources. They noted that the developer offered property assets, that included its tourism project Sunac Land, to make the deal more attractive. Sunac had defaulted in May 2022 and has been resorting to asset sales to improve its liquidity position with the latest being a plan to sell 51% stake in Shenzhen Ronghua Land Investment to Zhuhai Huafa for RMB 3.6bn ($520mn). Regarding its $9.1bn offshore debt restructuring plan, Sunac has gotten approval from creditors holding over 30% of its bonds.
Sunac’s dollar bonds were trading higher by 0.5 points at ~22 cents on the dollar.
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