Chinese property developer Redsun to miss $350 mln bond payment due next week (updated)

Sunac China Holdings

10/01/2025 10:37

(Updates with more detail in paragraph 1 and 2, and context in
paragraphs 3 and 4)
       Jan 10 (Reuters) - Chinese property developer Redsun
Properties  1996.HK  said on Friday it would not be able to pay
its $350 million bond maturing on January 13, which includes the
principal and the accrued interest.
    The bond was issued in January 2021 with a coupon rate of
7.3%.
    A prolonged property market slump in China over the last
three years has been weighing on developers' ability to repay
debt. Chinese property developers' total liabilities were
roughly $12 trillion in 2023, as per a government estimate.
    On Thursday, Sunac China  1918.HK  received a liquidation
petition, days after it informed some of its offshore creditors
it was unlikely to meet a September maturity deadline, while
larger rival Country Garden  2007.HK  announced a debt
restructuring proposal.

 (Reporting by Sameer Manekar in Bengaluru; Editing by Vijay
Kishore)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar;))