Developer Sunac Gets Loan From China Huarong as State Support Ramps Up

00:00

00:00/00:00

Listen to this article 1x

China is stepping up support for the sector after a string of debt defaults and plunging home sales. Photo: Bloomberg

(Bloomberg) — Sunac China Holdings Ltd. secured funding for one of its property units from a government-backed asset manager, in a further sign of support for the beleaguered real estate sector in China.

Shanghai Haolong agreed to a three-year loan of up to 3.5 billion yuan ($490 million) for a homebuilder half-owned by a Sunac subsidiary, according to an exchange filing Tuesday. Haolong is partially backed by China Huarong Asset Management Co. Ltd., one of China’s biggest bad-debt managers.