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Sunac Pays Local Bondholders After Dollar Default

  • First payment for local bond received by some noteholders
  • Chinese defaults this year have skewed toward offshore bonds
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Major developer Sunac China Holdings Ltd. has made a local bond payment, shortly after it announced a dollar-note default, the latest example of cash first going to ailing builders’ domestic creditors.

Sunac Real Estate Group Co. sent an initial planned payment to investors via the bond’s trustee, according to at least two noteholders who are not authorized to speak publicly about their holdings. It’s the first principal payment under an 18-month extension agreed to by the note’s holders, according to an April 1 filing.