Sunac China becomes first major homebuilder to receive creditors’ approval for offshore debt restructuring
Sunac China becomes first major homebuilder to receive creditors’ approval for offshore debt restructuring

Sunac China becomes first major homebuilder to receive creditors’ approval for offshore debt restructuring

Creditors of property developer Sunac China have approved its $9 billion offshore debt restructuring plan, the first approval of offshore debt restructuring by a major Chinese homebuilder.

Creditors holding 98.3% total value of the voting scheme have approved Sunac’s restructuring plan proposed earlier this year, the company said in a filing to the Hong Kong Stock Exchange.

The company will proceed to seek the approval of the plan by a Hong Kong court hearing scheduled for Oct. 5, it said.

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