Sunac China Holdings Ltd's shares plummeted 14.86% in the pre-market session on Friday, following the news that a liquidation petition has been filed against the indebted property developer by China Cinda Asset Management.
According to the Hong Kong judiciary's website, the winding-up petition was filed by China Cinda HK Asset Management Co., a unit of the asset manager, and a hearing is scheduled for March 19. This development raises significant concerns about Sunac's financial situation and ability to service its debt obligations.
The liquidation petition filing comes after Sunac successfully restructured its offshore debt in 2023, but growing concerns about its capability to meet payment obligations under that overhaul have weighed heavily on its stock and bond prices in recent months. The company had previously defaulted on a dollar bond in 2022, marking the onset of its financial troubles.
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