Sunac China (HKG:1918) has informed some dollar creditors it is having difficulty paying part of its restructured bonds due in September, Reuters reported Monday, citing two sources.
The developer revamped its offshore debt worth $9 billion in November 2023 following a debt crunch in 2021, the report said.
Sunac's first tranche of restructured debt will mature in September, with an option to extend the maturity by one more year. Its bond due September 2026 is also eligible for extension by another year, the report said.
The Chinese developer had said it is looking for other means to repay its September 20205 debt due to sales uncertainties, the report said.
Meanwhile, Sunac garnered support from holders of eight of 10 onshore bonds to restructure its 15.4 billion yuan debt by more than half, Reuters reported separately.
The developer will need the go-signal from all 10 bondholders to proceed with the restructuring, according to the report.
Sunac did not immediately respond to a request for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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