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Bond Market News
Sunac’s Dollar Bonds Crash on Holdings Freeze; Sunac Says Dispute Resolved
January 13, 2022
Sunac China’s dollar bonds dropped 6-7 points as a Shenzhen local court has ordered an onshore unit to freeze its holdings in several firms according to Tianyancha, given below:
- RMB 50mn ($7.9mn) of shares for three years started January 7 in a Wuhan wholly-owned unit
- RMB 20m ($3.1mn) of equity interests for three years beginning January 5 in wholly-owned unit Shanghai Sunac Property Development
- RMB 40.8mn ($6.4mn) of shares in Guangzhou Wanda Cultural Tourism City Investment, though no details on the effective period or length
Sunac later said that it resolved the dispute and that the developer and the court were working toward withdrawing the order. Sunac mentioned that it was a “small dispute” over “business cooperation.” Sunac separately also raised $580mn in a share sale to ease a liquidity crisis by selling 452mn shares at HKD 10 apiece, a 15% discount to Wednesday’s close. Sunac last sold $953mn of new shares including a stake in its property management unit in November.
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