Sunac China Holdings received bondholder approval for an extension on its domestic debt, according to people familiar with the matter, buying the developer more time to deal with its liquidity crunch amid improved policy support, reports Bloomberg.
The company’s Sunac Real Estate unit secured an agreement from debt holders to extend maturities on nine onshore notes and an asset-backed security worth about RMB 16 billion ($2.3 billion) in total, the people said, requesting not to be identified because the matter is private. Sunac offered property assets, including its mega tourism project Sunac Land, to make the deal more attractive, one of the people added.
China’s 11th-largest developer has been engulfed by a property crisis that’s dragged down growth for the world’s second-largest economy, prompting regulators to formulate a sweeping rescue plan for the industry.
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