Chinese developer Sunac jumps on debt holders' support for restructuring

Sunac Services Holdings

21/04/2023 03:43

** Shares of property developer Sunac China Holdings Ltd
 1918.HK  jump as much as 20% to HK$2.14, their highest since
April 17, and on course to snap three consecutive sessions of
declines
    ** Sunac China says its offshore debt restructuring plan has
gained support from over 75% of the holder of existing debt 
    ** Sunac China said in late March it had reached agreements
with a group of offshore creditors to convert its debt into new
notes and convertible bonds backed by its Hong Kong-listed
shares and shares in its property management unit Sunac Services
 1516.HK 
    ** Shares of Sunac Services rise 2.3%
    ** The Hang Seng Mainland Properties Index  .HSMPI  surges
1.4% and the Hang Seng Composite Index tracking properties and
construction stocks  .HSCIPC  rises 1.2%
    ** The Hang Seng Composite Index  .HSCI  eases 0.2% and the
Hang Seng Index  .HSI  slips 0.1%

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