Jun 09, 2022 03:54 AM

ECONOMY

Sunac Seeks Payment Extension for $345 Million of Debt

By Niu Mujiangqu and Han Wei

Sunac, China’s fourth-largest developer by sales, is one of a raft of Chinese developers hit by a cash crunch

Sunac, China’s fourth-largest developer by sales, is one of a raft of Chinese developers hit by a cash crunch

Chinese developer Sunac China Holdings Ltd. is seeking extra time to make payments on 2.3 billion yuan ($345 million) of debt due next week as the company continues scrambling to scrape up enough cash, Caixin learned from bondholders.

Sunac is in negotiations with bondholders on a plan to extend repayments of an onshore bond due June 13 by two years, Caixin learned. No agreement has been reached.

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