Sunac China unveils sweetened restructuring offer for US$9.1 billion in offshore debt in latest move by a developer

Sunac China unveils sweetened restructuring offer for US$9.1 billion in offshore debt in latest move by a developer

Debt-troubled Chinese property developer Sunac China Holdings has sweetened a restructuring offer to holders of US$9.1 billion of its offshore debt as it seeks to get back on its feet as soon as possible.

The company has reached an agreement with a group of offshore creditors representing over 30 per cent of its outstanding debt, it said in a filing to Hong Kong’s bourse on Tuesday, becoming the latest of China’s big developers to propose a restructuring.

“The contemplated restructuring is intended to provide the company with a long-term, sustainable capital structure, allow adequate financial flexibility and sufficient runway to stabilise the business, and protect the rights and interests, and maximize value, for all stakeholders,” chairman Sun Hongbin said in the filing.

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