Developer Sunac China seeks to extend payment for 4b yuan bond for the 3rd time: sources
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STRUGGLING Chinese property developer Sunac China is seeking to extend the repayment for a 4 billion yuan (S$802 million) bond for the third time by pushing out the deadline by another 6 months, 2 sources with knowledge said on Tuesday (Sep 27).
After the adjustments, Sunac will not pay the 2 remaining amortisation payments scheduled for this year, and the last instalment will be delayed to Mar 31, 2024, from Sep 30, 2023, the sources said.
Sunac declined to comment.
The Beijing-based developer is struggling to repay its creditors and it is undergoing an offshore debt restructuring after defaulting some dollar bonds this year.
The payment extension for the onshore bond in question will require bondholders approval, the sources said.
The bond matures on Apr 1, 2024, but investors had a put option to sell back to the company on Apr 1 this year.
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In April, Sunac extended the principal payment by 18 months, and then in June reduced amortisation payments due in June and September. REUTERS
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