Embattled Sunac Gets Extension on $2.3 Billion of Debt

What’s new: Cash-strapped developer Sunac China Holdings Ltd. won bondholders’ support to extend repayment of 16 billion yuan ($2.3 billion) of domestic bonds by an average of 3.5 years.

The extended debts include nine onshore notes and an asset-backed security, according to Sunac Real Estate, the issuer of the bonds. Sunac agreed to offer property projects, including its mega tourism project Sunac Land, as additional guarantee for the debts.