Sunac China (HKG:1918) has received enough support from holders of seven of its 10 bonds so far to restructure its debt by more than half, Reuters reported Monday, citing a source with direct knowledge of the matter.
The property company first obtained approval from the holders of six bonds earlier in December 2024 while the holders of the largest onshore bond worth 2.9 billion yuan approved the restructuring on Dec. 27, the report said.
Sunac needs the support of the holders of all 10 onshore bonds worth 15.4 billion yuan to proceed with the restructuring, the report said.
Sunac will extend the voting deadline for the restructuring of the rest of the bonds to Friday, according to Reuters.
Shares fell 2% during Thursday's afternoon trading.
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