Sunac China Holdings Ltd's stock soared 7.83% in the intraday trading session on Wednesday, following the news that its debt restructuring plan has been approved by all relevant onshore bondholders.
The embattled Chinese property developer announced on Tuesday that it has gained support from holders of all its ten onshore bonds to implement its debt restructuring plan. This marks a significant step towards resolving the company's debt issues and potentially stabilizing its financial situation.
According to the company, bondholders will now proceed with selecting and distributing options related to the restructuring plan. The approval from onshore bondholders is likely to boost investor confidence in Sunac's ability to navigate through its debt crisis and potentially pave the way for further negotiations with offshore creditors.
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