by Amruth Sundarkumar | Apr 21, 2023 | China, Distressed / Defaulted Bonds
Sunac China’s bondholders representing 75% of its offshore debt have agreed to its restructuring plan. Creditors agreeing to the terms before the deadline of 5pm HKT on April 20, will receive a 0.1% consent fee. Sunac has announced its restructuring in late...
by Amruth Sundarkumar | Mar 29, 2023 | China, Distressed / Defaulted Bonds
Sunac China has come out with details of its restructuring plan, following its default in May 2022. Sunac said it reached an agreement with a group of key bondholders on the plan. It signed a restructuring support agreement with an ad-hoc group of investors holding...
by Amruth Sundarkumar | Jan 5, 2023 | China, Distressed / Defaulted Bonds
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...
by Amruth Sundarkumar | Jan 4, 2023 | China, Distressed / Defaulted Bonds
Sunac China’s unit will sell a 51% stake in Shenzhen Ronghua Land Investment to Zhuhai Huafa for RMB 3.6bn ($520mn). Proceeds will be used to repay loan obtained for financing acquisition of a project in Shenzhen. Sunac is among the several Chinese distressed...
by Amruth Sundarkumar | Dec 2, 2022 | China, Distressed / Defaulted Bonds
Sunac China agreed to sell roughly 90% of its stake in one of its most valuable projects in Shanghai to two state-owned investors. As part of the transaction, it sold a 64.7% stake in its Oceanwide Construction Holdings unit to a unit of China Huarong Asset Management...
