Developer Sunac China jumps on funds, talks with asset managers

China Cinda Asset Management

01/03/2022 02:36

** Shares in China Sunac  1918.HK  jump as much as 8.8%,
bouncing from 16.3% plunge in the previous session 
    ** Sunac, China's No.3 property developer by sales value, is
in talks with four major Chinese asset managers including Cinda
on project cooperations worth ten of billions yuan each, a
source told Reuters on Monday  urn:newsml:reuters.com:*:nL4N2V33IU
    ** Co also has funds to pay an onshore puttable bond worth 4
bln yuan ($634.25 mln) due April 1, the source said
    ** Financial intelligence provider REDD reported on Monday
China is in talks to sell two mixed-use projects in Shanghai and
Beijing to China Cinda for unspecified amount
    ** Sunac shares down over 36% in the past few sessions after
speculations over liquidity and debt repayment issues circulated
among investors 
    ** Hang Seng Mainland Properties Index  .HSMPI  rises 0.4%,
while Hang Seng Index  .HSI  falls 0.2%
    

 ((clare.jim@tr.com))