Sunac China missed its dollar bond coupon payment of $29.8mn on its $750mn 7.95% 2023s. Sunac now has a 30-day grace period to make the payment and thus avoid a default. Sunac has three more dollar bond coupon payments this month. The bonds are its 6.8% 2024s, 5.95% 2024s and 8.35% 2023s. The developer is only recently won approval from bondholders for an 18-month extension on its unit’s RMB 4bn ($628mn) bond and trying to stave default in an already troubled property sector. Sunac, China’s fourth-largest developer by sales in Q1 2022, only recently was under the pump after delaying publishing its annual 2021 results by end-March. It cited issues on offshore loans post its ratings downgrades and proposed extension of domestic bonds.
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