Sunac Wins Court Approval for Offshore Debt Restructuring
- Hong Kong judge signs off on plan from the Chinese developer
- Sunac’s process could provide a template for fellow builders
Residential buildings developed by Sunac China Holdings in Beijing, China.
Source: Bloomberg
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Sunac China Holdings Ltd. won court approval for its multibillion-dollar offshore debt restructuring plan, clearing the last key hurdle for it to become the country’s first major developer to overhaul such liabilities.
Hong Kong Judge Jonathan Harris’ sign-off Thursday sets Sunac apart from major industry peers including China Evergrande Group. still struggling to find a viable debt-restructuring road map as an unprecedented housing crisis unfolds. Sunac shares jumped as much as 12%, adding to a sector-best rally in which the stock has soared 140% since the start of September.