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 Kongโ€™s bourse on Tuesday, becoming the latest of Chinaโ€™s big developers to propose a restructuring.

โ€œThe 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,โ€ chairman Sun Hongbin said in the filing.

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