China Top Property Developer Sunac China Holdings Defaults on $741 Million Bond Interest Payment, Coupon of $29.5 Million
13th May 2022 | Hong Kong
One of China’s largest property developer Sunac China Holdings had defaulted on its $741 million bond interest payment (Oct 2023 Bond), missing the extended deadline (1 month) to pay $29.5 million of coupon. Sunac Filing to Hong Kong Exchange: ”The group’s contracted sales have continued to decline significantly, while access to new financing has become increasingly difficult with more liquidity issues occurring among certain property developers. The company does not expect that it will make payments under the abovementioned notes and other senior notes issued by it when they become due or within the relevant grace periods.” In total, Sunac hd missed total coupon payments of $104 million since April 2022. Sunac is one of the largest China property bond issuer alongside China Evergrande, Kaisa Group and Country Garden.
“ China Top Property Developer Sunac China Holdings Defaults on $741 Million Bond Interest Payment, Coupon of $29.5 Million “
Sunac China Holdings
Sunac China Holdings Limited (01918.HK) is a listed company on the Hong Kong Stock Exchange. Since its establishment in 2003, the Company, guided by its brand positioning of “Passion for Perfection”, has been committed to providing complete solutions for Chinese families to enjoy a better life by integrating high-end residential, cultural tourism, culture, commercial facilities and other resources through high-quality and diversified products or services.
Mr. SUN Hongbin is the Group’s founder, the chairman of the board of directors of the Company, an executive Director, the chairman of the Nomination Committee and a member of the Remuneration Committee of the Company. Mr. Sun commenced his real estate business in 1994 and has accumulated over 20 years of ample experience in the real estate industry in the PRC over the years. Mr. Sun obtained a master’s degree in engineering from Tsinghua University in the PRC in 1985 and completed an advanced management program at Harvard Business School in the United States in 2000.
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