A liquidation petition was filed against indebted developer Sunac China Holdings in Hong Kong amid its efforts to restructure its offshore debt for the second time, marking the latest drama for China’s cash-starved property sector.
Sunac’s Hong Kong-listed shares slumped 21 per cent to HK$1.38 at the noon break on Friday, after falling nearly 29 per cent in the morning session.
Sunac said it would make a statement later Friday, while China Cinda did not reply to a request for comment.
The company, ranked 18th among Chinese developers by sales, has told some of its bondholders that it may not be able to meet deadlines for repayment on a dollar bond maturing in September, which was part of the first tranche of the restructured notes, Reuters reported on Monday.
Sunac, which won court approval to overhaul its US$9 billion of offshore bonds in late 2023, is planning to restructure its debt for the second time, according to a person close to the company. The person said a proposal on the restructuring could come by the end of March.
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