Sunac China gains restructuring support from all onshore bondholders (updated)

Sunac China Holdings

21/01/2025 14:22

(Adds background throughout)
       Jan 21 (Reuters) - Embattled Sunac China  1918.HK  on
Tuesday emerged as the first Chinese property developer to
successfully cut down on its debt, after it said holders of all
ten onshore bonds had accepted its restructuring proposal.
    The landmark deal enables Sunac, once one of China's largest
real estate developers, to deleverage its 15.4 billion yuan
($2.11 billion) outstanding onshore debt by more than half.
    Sunac's restructuring is poised to open the flood gates for
a flurry of similar deals this year.
    Reuters reported last week that Sunac had won support from
nine of the ten bondholders.
        
 ($1 = 7.2820 Chinese yuan renminbi)

 (Reporting by Aaditya Govind Rao in Bengaluru; Editing by
Shounak Dasgupta)
 ((Aaditya.GovindRao@thomsonreuters.com))