Sunac to raise $1bn amid deal spree

Acquisitive Chinese property developer Sunac China Holdings will raise $1 billion from banks to refinance its current debts, the firm said in a filing on Thursday. Sunac has been making a spate of high-profile deals, including a deal last month to buy theme parks and tourism developments from Dalian Wanda Group for 43.8 billion yuan ($6.52 billion), Reuters reports. Other deals include $2.1 billion for the real-estate assets of Legend Holdings, parent of PC-maker Lenovo, and $2.2 billion for a stake in Leshi Internet, a unit of LeEco. Sunac said the fund raising would see it issue $400 million of senior notes due in 2020 and $600 million due in 2022, which would help “optimize” its debt structure. The recent deal with Wanda, which saw both firms come under regulatory scrutiny over potential credit risks, had to be amended from an earlier planned deal, with Sunac scrapping plans to buy close to 80 hotels from Wanda as well.