China Developer That Pioneered Debt Overhaul at Risk Again
- Sunac can’t rule out a second offshore debt restructuring
- Firm yet to win approval for extension of one onshore bond
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Just over a year ago, Sunac China Holdings Ltd. became a model for the country’s defaulted developers by clinching the sector’s first major offshore debt restructuring deal. Now its problems are mounting again.
At a time when Sunac is trying to complete an onshore debt overhaul, questions over whether it will meet looming repayment deadlines are putting its offshore agreement at risk. On top of that, it’s now contending with another court petition to wind up.