Sunac China hits 9-week peak as restructuring conditions satisfied

Sunac Services Holdings

21/11/2023 05:11

** Shares of embattled property developer Sunac China
Holdings  1918.HK  jump as much as 26.6% to HK$2.95, their
highest since Sept. 19, on the second session of gains
    ** Stock on course for the biggest one-day pct rise since
Nov. 8, if gains hold; second biggest pct gainer in Hang Seng
Composite Index on properties and construction stocks  .HSCIPC  
    ** Sunac China said on Monday that each of its restructuring
conditions have been met and its debt overhaul plan has become
effective
    ** The restructuring involves the full discharge and release
of the company's existing debt in exchange for the issuance of
new notes, among others
    ** Shares of its property services unit Sunac Services
Holdings  1516.HK  jump as much as 14.2% to HK$2.49, highest
since Oct. 10
    ** Hang Seng Mainland Properties Index  .HSMPI  surges 4.2%,
Hang Seng Composite Index on properties and construction stocks
 .HSCIPC  rises 2.7%, Hang Seng Index  .HSI  up 0.9%
    ** Stock of Sunac China down 39.5% YTD 

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