Real Estate Developer Archives - Amora Escapes https://amoraescapes.com/tag/real-estate-developer/ Property 101 Wed, 22 Nov 2023 03:50:04 +0000 en-US hourly 1 https://amoraescapes.com/wp-content/uploads/2022/11/Amora-Escapes-Favico.png Real Estate Developer Archives - Amora Escapes https://amoraescapes.com/tag/real-estate-developer/ 32 32 Real Estate Developer Sunac Says Debt Restructuring Conditions Satisfied https://amoraescapes.com/2023/11/24/real-estate-developer-sunac-says-debt-restructuring-conditions-satisfied/ Fri, 24 Nov 2023 13:51:44 +0000 https://amoraescapes.com/?p=4991 Chinese property developer Sunac China Holding announced on Monday that each of the company’s restructuring…

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Chinese property developer Sunac China Holding announced on Monday that each of the company’s restructuring conditions has been satisfied and the debt restructuring plan can now commence.

Market observers said Sunac’s restructuring plan can set a positive example for the domestic real estate sector, and it will also help the company to resume normal operation.

According to the announcement, a total of about $10.23 billion of debt has been converted into new notes, mandatory convertible bonds, convertible bonds and Sunac Services shares.

The converted new notes, mandatory convertible bonds and convertible bonds will be listed on the Singapore Exchange on November 21. Sunac Service shares have been transferred to the relevant creditors, said the announcement.

At the end of October this year, Sunac achieved contracted sales value of 75.78 billion yuan ($10.57 billion), down 50.49 percent year-on-year. The contracted sales area amounted to approximately 5.403 million square meters, with a contracted average selling price of approximately 14,030 yuan per square meter.

By the close of trading on Monday, Sunac’s stock price had risen by 5.91 percent to HK$2.33 per share.

Sunac’s debt restructuring plan is innovative and pragmatic, fully taking into account the current changes in the industry, according to a report by media outlet jrj.com. it also protects the company’s sustainable operations and provides several financial options for creditors, setting an example for debt restructuring for other embattled firms in the industry, the report said.

Since late 2021, over 50 listed property developers have initiated debt restructuring proceedings. Sunac was the first large developer to complete its overseas debt restructuring, said the report.

Source : GlobalTimes

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