Sunac China (HKG:1918) completed the debt restructuring for the One Sunac Opus project and relieved the debt default of unit Beijing Oceanwide Dongfeng Real Estate, which is developing the project, a Jan. 27 bourse filing said.

The 6.83 billion yuan debt owed by the unit to China Credit Trust matured in September 2023.

Under the debt restructuring agreement, 1.64 billion yuan previously paid by the property company was used to settle part of the principal amount, bringing it down to 5.2 billion yuan.

The group was also granted a waiver for all default penalties, the historical accrued interest was reduced to around 650 million yuan, and the financing cost was slashed to 6.5% per annum from 9.6% per annum.

Following restructuring, the new repayment period of the debt is four years, with the last repayment date falling in January 2029.