This May Be China's Most Debt-Strapped Developer
- Core loss almost doubles from year earlier, CIMB says
- Sunac acquisition spree included buying Wanda theme parks
Inside Sunac's 1,683% Profit Surge
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Sunac China Holdings Ltd. shares fell as investors focused on the struggle by China’s most-leveraged developer to control its debt, instead of a surge in net income that was fueled by unrealized gains from acquisitions.
Excluding one-off gains, Sunac recorded a core loss of 530 million yuan ($81 million) in the first half, almost double the loss of 283 million yuan a year earlier, CIMB Securities Ltd. estimated. Sunac reported core profit of 1.4 billion yuan, a figure that included some one-off gains, while saying its first-half net income surged 1683 percent to 1.3 billion yuan.