Sunac, one of China’s biggest property developers, has launched a second restructuring of its offshore debt in an unprecedented move that shows the country’s real estate slowdown is dragging on longer than expected.
The developer had unveiled its first offshore restructuring of around $10bn in debt in late 2023, bolstering hopes of recovery nearly two years after the default of its peer Evergrande ignited a sector-wide cash crunch.
But Sunac recently warned it was struggling to make offshore payments and faces a fresh winding-up petition from the Hong Kong arm of Cinda Asset Management, one of China’s four main state-owned “bad banks” set up to acquire uncollectable debts.
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