China’s Biggest Builders Hobble Toward End of Restructurings

Most of China’s biggest defaulted developers are reaching a restructuring milestone, as creditors increasingly accept that better terms are unlikely during a real estate crisis that has triggered $130 billion of defaults.

Eight of China’s 10 most indebted developers have largely if not entirely put the offshore restructuring process behind them. One of those, Sunac China Holdings Ltd., which has already gained majority support for its restructuring from creditors, is scheduled to hold a vote on Tuesday, among the last procedural hurdles it has to clear.