Chinese developer Sunac has won court approval to restructure around $10bn of debt, marking one of the first resolutions of its kind among China’s distressed real estate companies.
The plan, which was set out in March this year after Sunac missed interest payments on a US dollar bond in May 2022, was approved by a high court judge on Thursday at a hearing in Hong Kong.
Sunac, one of China’s largest developers in 2021 before it defaulted, will issue new notes and convertible bonds to creditors as part of its plan. The case did not clarify the implications for the developer’s onshore debt, which are the greater part of its overall Rmb1tn in liabilities.
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