Distressed Chinese Developer Sunac Sweetens Proposed Bond Extension Plan
Debt-ridden real estate giant Sunac China Holdings Ltd. has offered better terms to investors in a new payment extension plan published Wednesday, as part of its efforts to delay paying up on a 4 billion yuan ($629.2 million) onshore bond due April 1.
In the new proposal, Sunac China, the third largest Chinese developer by sales, offered to shorten the payment extension to one and a half years. It also proposed paying the bond’s annual interest due April 1 as scheduled, as opposed to the 20-day delay of the interest payment outlined in its previous plan, according to a company filing (link in Chinese). Its Hong Kong stock closed up 18.4% Wednesday.
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