China Developer Sunac Raises $953 Million; Chairman Issues Loan

WATCH: Chinese developer Sunac raised close to $1 billion with the sale of new shares amid an industry-wide liquidity crunch. Julia Fioretti reports.Source: Bloomberg

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By Julia Fioretti

November 14, 2021 at 3:34 PM UTC

This article is for subscribers only.

Sunac China Holdings Ltd. raised about $953 million through the sale of new shares as well as a stake in its property management unit, the latest Chinese developer to seek funds amid an industry-wide liquidity crunch.

Sunac said it sold 335 million shares at a price of HK$15.18 each, raising about $653 million, in a statement Sunday, confirming an earlier story by Bloomberg News.