EMBATTLED property developer Sunac China Holdings said on Monday (Nov 20) that each of its restructuring conditions have been met and its debt overhaul plan has become effective.

In early October, a Hong Kong court approved the company’s about US$9 billion offshore restructuring proposal that is expected to be a template for cash-strapped peers in a key sector battered since mid-2021.

The restructuring involves the full discharge and release of the company’s existing debt in exchange for the issuance of new notes, among others.

Sunac’s creditors approved its offshore debt restructuring plan in September, under which a part of its debt would be exchanged into convertible bonds backed by its Hong Kong-listed shares, along with new notes with maturities of between two and nine years.

Shares of the property developer ended about 6 per cent higher at the close of trade on Monday. REUTERS