Struggling Developer Sunac’s Bonds, Shares Tumble After $580 Million Stock Offering

Sunac’s logo is displayed on a crane at one of the company's construction sites in Beijing in March 2015. Photo: Bloomberg

(Bloomberg) — Sunac China Holdings Ltd.’s bonds and shares fell after the embattled real estate giant raised $580 million in a top-up stock sale to fend off a liquidity crisis.

The nation’s third-largest property developer by sales sold 452 million shares at HK$10 ($1.28) apiece, a 15% discount to Wednesday’s close in Hong Kong, according to terms of the deal obtained by Bloomberg News.

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