Caixin
May 12, 2022 08:34 PM
BUSINESS

Property Giant Sunac Joins List of Chinese Developers That Can’t Pay Offshore Debts

Sunac has 17 billion yuan in onshore and offshore capital-market debt due in 2022, global ratings agency Fitch Ratings Inc. said in March. Photo: VCG
Sunac has 17 billion yuan in onshore and offshore capital-market debt due in 2022, global ratings agency Fitch Ratings Inc. said in March. Photo: VCG

Sunac China Holdings Ltd., one of the country’s biggest property developers, acknowledged Thursday that it missed a $29.5 million interest payment on a U.S. dollar bond and said it doesn’t expect to make another $75.3 million in payments due later this month.

The missed payment makes Sunac the latest Chinese property firm to fail to meet its obligations to the offshore debt market amid a wave of developer defaults that began last year.

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