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.
