Developer Sunac China Receives Liquidation Petition in Hong Kong

Bloomberg

09 Jan

(Bloomberg) -- Defaulted builder Sunac China Holdings Ltd. has received a liquidation petition in Hong Kong, according to the city’s judiciary website.

The so-called winding-up petition was filed by China Cinda HK Asset Management Co., and a hearing is scheduled to take place on March 19, the website shows.

The case signals renewed financial and legal stress for the Chinese developer, which first defaulted on a dollar bond in 2022. Sunac successfully restructured its offshore debt in 2023, but growing concerns about its capability to service payment obligations under that overhaul have pushed its stock and bond prices to the lowest level in several months.

A winding-up petition was filed against Sunac several months after the firm’s initial default, but it was withdrawn in mid-2023.

China’s private-sector developers have yet to escape a years-long downturn in the country’s property market as sales of new homes remain weak. Country Garden Holdings Co., which for several years was China’s largest developer by sales, on Thursday said it proposed new terms with key banks to slash debt by as much as $11.6 billion and extend maturities by up to 11.5 years.

The case number is HCCW 16 / 2025.

©2025 Bloomberg L.P.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2502043936"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2502043936\",edition:\"fundamental\",,,undefined,":{"share":"https://ttm.financial/m/news/2502043936?lang=en_US&edition=fundamental","thumbnail":"https://www.bnnbloomberg.ca/resizer/v2/6N4AYHIXOK3APOMYMSSODEWQM4.jpg?smart=true&auth=8f5213465c1484473d0a4366e3e9531eb81b8e3249d90ce4dbcc7316ee599b78&width=500&height=333","is_english":true,"pubTime":"2025-01-09 21:34","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2502043936","market":"sg","top_or_hot":-1,"title":"Developer Sunac China Receives Liquidation Petition in Hong Kong","media":"Bloomberg","content":"<html><body><article><p>(Bloomberg) -- Defaulted builder Sunac China Holdings Ltd. has received a liquidation petition in Hong Kong, according to the city’s judiciary website. </p><p>The so-called winding-up petition was filed by China Cinda HK Asset Management Co., and a hearing is scheduled to take place on March 19, the website shows.  </p><p>The case signals renewed financial and legal stress for the Chinese developer, which first defaulted on a dollar bond in 2022. Sunac successfully restructured its offshore debt in 2023, but growing concerns about its capability to service payment obligations under that overhaul have pushed its stock and bond prices to the lowest level in several months. </p><p>A winding-up petition was filed against Sunac several months after the firm’s initial default, but it was withdrawn in mid-2023.</p><p>China’s private-sector developers have yet to escape a years-long downturn in the country’s property market as sales of new homes remain weak. Country Garden Holdings Co., which for several years was China’s largest developer by sales, on Thursday said it proposed new terms with key banks to slash debt by as much as $11.6 billion and extend maturities by up to 11.5 years.</p><p>The case number is HCCW 16 / 2025.</p><p>©2025 Bloomberg L.P.</p></article></body></html>","source":"bnn_bloomberg_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>Developer Sunac China Receives Liquidation Petition in Hong Kong</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDeveloper Sunac China Receives Liquidation Petition in Hong Kong\n</h2>\n<h4 class=\"meta\">\n\n\n2025-01-09 21:34 GMT+8   <a href=\"https://www.bnnbloomberg.ca/business/international/2025/01/09/developer-sunac-china-receives-liquidation-petition-in-hong-kong/\"><strong>Bloomberg</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>(Bloomberg) -- Defaulted builder Sunac China Holdings Ltd. has received a liquidation petition in Hong Kong, according to the city’s judiciary website. The so-called winding-up petition was filed by ...</p>\n<a href=\"https://www.bnnbloomberg.ca/business/international/2025/01/09/developer-sunac-china-receives-liquidation-petition-in-hong-kong/\">Source Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"01918","symbol_name":"融创中国","start_time":0,"source_url":"https://www.bnnbloomberg.ca/business/international/2025/01/09/developer-sunac-china-receives-liquidation-petition-in-hong-kong/","article_id":"2502043936","we_media_id":null,"thumbnails":["https://www.bnnbloomberg.ca/resizer/v2/6N4AYHIXOK3APOMYMSSODEWQM4.jpg?smart=true&auth=8f5213465c1484473d0a4366e3e9531eb81b8e3249d90ce4dbcc7316ee599b78&width=500&height=333"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2502043936","pubTimestamp":1736429642,"columns":[],"sourceInfo":{"source_id":"bnn_bloomberg_highlight","name":"Bloomberg"},"weMediaInfo":null,"summary":"Defaulted builder Sunac China Holdings Ltd. has received a liquidation petition in Hong Kong, according to the city’s judiciary website.","collect":0,"end_time":0,"defaultTopTitle":"bnnbloomberg.ca","property":[],"viewcount":null,"language":"en","relate_stocks":{"01918":"融创中国","BK1521":"挪威政府全球养老基金持仓","BK1240":"房地产开发","BK1555":"内房股"},"translate_title":"开发商融创中国在香港收到清盘呈请","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"01918":1},"content_text":"(Bloomberg) -- Defaulted builder Sunac China Holdings Ltd. has received a liquidation petition in Hong Kong, according to the city’s judiciary website. The so-called winding-up petition was filed by China Cinda HK Asset Management Co., and a hearing is scheduled to take place on March 19, the website shows.  The case signals renewed financial and legal stress for the Chinese developer, which first defaulted on a dollar bond in 2022. Sunac successfully restructured its offshore debt in 2023, but growing concerns about its capability to service payment obligations under that overhaul have pushed its stock and bond prices to the lowest level in several months. A winding-up petition was filed against Sunac several months after the firm’s initial default, but it was withdrawn in mid-2023.China’s private-sector developers have yet to escape a years-long downturn in the country’s property market as sales of new homes remain weak. Country Garden Holdings Co., which for several years was China’s largest developer by sales, on Thursday said it proposed new terms with key banks to slash debt by as much as $11.6 billion and extend maturities by up to 11.5 years.The case number is HCCW 16 / 2025.©2025 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0}}}