Chinese Developer Sunac’s Stocks Jump as Firm Denies Seeking Government Help
- Says letter sparking concerns was a draft not submitted
- Sunac’s operations as a whole are healthy, developer says
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Sunac China Holdings Ltd.’s shares and bonds surged after the Chinese developer denied submitting a request for policy support from a city government and said business is normal.
The Beijing-based builder said a letter written by a local executive for verbal communication with officials in eastern Shaoxing city last week was only a draft that was “accidentally” sent to a chat group outside the company. It wasn’t submitted to the government, Sunac said in a statement. The group’s operations are healthy, it added.