Jan 05, 2023 05:31 AM

BUSINESS

Debt-Strapped Sunac Divests Shenzhen Ski Resort Stake

By Niu Mujiangqu and Han Wei

Sunac, China’s 10th-largest builder by contracted sales, has been caught up in a massive property crisis since late 2021

Sunac, China’s 10th-largest builder by contracted sales, has been caught up in a massive property crisis since late 2021

Troubled developer Sunac China Holdings Ltd. is offloading its stake in a sprawling ski resort project in Shenzhen to raise funds for debt repayment in a further effort to ease its liquidity crunch.

Hong Kong-traded Sunac said Tuesday in a filing that it would sell its entire 51% stake in the stalled Shenzhen ski resort to state-backed partner Zhuhai Huafa Properties Co. Ltd. for 3.58 billion yuan ($518 million). All proceeds will be used for debt payments, and Sunac will retain the right to buy back the stake, according to the filing.

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