Property developer Sunac China says most creditors approve restructuring plan

Sunac China (1918) said on Tuesday its offshore debt restructuring plan was approved by a majority of creditors at a court-convened meeting in Hong Kong.

The property developer said 98.5 percent of voting creditors, representing about 94.5 percent of the total voting claims, backed the plan, which covers about US$7.96 billion (HK$62.1 billion) in offshore debt.

Sunac said it would now seek final approval from the Hong Kong court at a sanction hearing scheduled on November 5.

The restructuring marks a key step in Sunac's efforts to stabilise its finances after a prolonged property downturn in China that has battered developers' liquidity.

For the first half of 2025, the company reported a narrower loss of 12.81 billion yuan (HK$14 billion), compared with a loss of 14.96 billion yuan a year earlier.

Reuters