China’s Sunac Gets Approval for $2.3 Billion Debt Extension
- Company gets approval for nine onshore bonds and ABS extension
- The builder fell into distress amid China’s property downturn
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Sunac China Holdings Ltd. received bondholder approval for an extension on its domestic debt, according to people familiar with the matter, buying the developer more time to deal with its liquidity crunch amid improved policy support.
The company’s Sunac Real Estate unit secured an agreement from debt holders to extend maturities on nine onshore notes and an asset-backed security worth about 16 billion yuan ($2.3 billion) in total, the people said, requesting not to be identified because the matter is private. Sunac offered property assets, including its mega tourism project Sunac Land, to make the deal more attractive, one of the people added.