Sunac China soars most in 2 weeks on bond payment extension plan

Sunac Services Holdings

30/03/2022 07:54

** Shares of property developer Sunac China Holdings
 1918.HK  rise as much as 26.7% to HK$5.17, their biggest
intraday percentage gain since March 17
    ** Stock is top gainer in the Hang Seng China Enterprises
Index  .HSCE , second biggest in the Hang Seng Composite Index,
which tracks properties and construction shares  .HSCIPC 
    ** The China's No. 3 property developer by sales said it
will hold an online meeting with holders of a 4 billion yuan
($629 mln) bond, seeking to extend principal payment due on
Friday by 18 months  urn:newsml:reuters.com:*:nL3N2VV0TB
    ** The meeting with bondholders will take place on Thursday
and Friday, when they will vote whether they accept the proposal
    ** Sunac said in separate filings that the extension
proposal is to ensure the bond's interest payment under its
current operating status, and it has applied to suspend trading
of the bond from Thursday
    ** Co's property management arm Sunac Services  1516.HK 
jumps 21.1%, third-biggest pct gainer in the index, which tracks
properties and construction stocks  .HSCIPC 
    ** Hang Seng Mainland Properties Index  .HSMPI  soar 7.2%,
Hang Seng Composite Index on properties and construction stocks
 .HSCIPC  surges 4.2%
    ** Hang Seng China Enterprises Index  .HSCE  climbs 1.6%, 
Hang Seng Index  .HSI  rises 1.7%


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