Sunac China wins some bondholder approval for onshore restructuring plan, source says

Sunac China Holdings

10/12/2024 10:00

HONG KONG, Dec 10 (Reuters) - Sunac China  1918.HK  has
won approval from some of its bondholders for a plan to cut its
onshore bonds by more than half through a restructuring, a
source with direct knowledge of the matter said on Tuesday. 
        Two of the ten onshore bonds in the restructuring have
received sufficient support from holders, the person said. The
company will delay the voting deadline for the rest of the bonds
by two weeks. 
        Once one of the country's top developers, Sunac is the
first Chinese property developer who aims to carry out a steep
cut on its 15.4 billion yuan ($2.12 billion) onshore bonds
through an restructuring.
    The bondholders' voting originally ended on Monday.         

($1 = 7.2791 Chinese yuan renminbi)

 (Reporting by Clare Jim; Editing by Louise Heavens)
 ((clare.jim@thomsonreuters.com;))