Sunac China jumps on report of HK court nod on debt restructuring plan

Agile group

05/10/2023 07:02

** Shares of property developer Sunac China Holdings
 1918.HK  jump as much as 12.1% to HK$2.31, their highest since
Sept 27
    ** Stock last up 8.7%, set for biggest one-day pct rise
since Sept 11; top gainer on Hang Seng properties and
construction index  .HSCIPC  and second-biggest on Hang Seng
Composite Index  .HSCI  
    ** Sunac wins HK court approval for an offshore debt
restructuring plan, Bloomberg reported
    ** Two weeks ago, Sunac's creditors approved the $9 bln
plan, subject to court approval
    ** Other Chinese property developers also rise: China
Evergrande  3333.HK , Country Garden  2007.HK , Agile  3383.HK ,
Logan  3380.HK  and Sino-Ocean Group  3377.HK  up between 1.4%
and 5.4%
    ** Hang Seng Mainland Properties Index  .HSMPI  gained 0.9%
and Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  climbs 0.8%
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both add 0.6%
    ** Despite the gains, Sunac China's stock is down 51% YTD

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))