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

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.