Sunac China falls as stake in service unit to be lowered after restructuring

Sunac Services Holdings

22/09/2023 04:57

** Shares of Chinese developer Sunac China Holdings
 1918.HK  fall as much as 5.4% to HK$2.43, their lowest since
Sept. 11; on course for fourth consecutive session of decline
    ** Stock is the fourth biggest pct loser in Hang Seng
Composite Index on properties and construction stocks  .HSCIPC  
    ** Sunac China said on Thursday its stake in its unit Sunac
Services will drop to 49.7%, following implementation of a
restructuring plan that will allow the company's creditors to
exchange their existing debt for equity in the unit
    ** Sunac China, which has sought Chapter 15 protection from
creditors in a U.S. bankruptcy court, said Sunac Services will
remain its subsidiary despite the lowered stake
    ** Shares of Sunac Services  1516.HK  rise 3.7%
    ** Hang Seng Mainland Properties Index  .HSMPI  eases 0.2%
while Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  climbs 0.3%
    ** Hang Seng Composite Index  .HSCI  gains 1% and Hang Seng
Index  .HSI  rises 1.2%
    ** Sunac China stock down 45.6% YTD  
    

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