Sunac China Moves Closer to Halving Its Bond Debt in China

Sunac China, a real estate development company, has taken a step closer to reducing its bond debt in China by more than half through a restructuring process, after receiving sufficient support from seven out of ten bondholders. This information was disclosed on Monday by a source with direct knowledge of the matter.

For the debt restructuring to take effect, Sunac China needs the approval of all ten bondholders. The total value of these bonds in China amounts to 15.4 billion yuan (approximately $2.11 billion).

Earlier this month, the first six bondholders had approved the restructuring. By the end of the extended voting period last Friday, the holders of Sunac China's largest bond in China, valued at 2.9 billion yuan, also expressed their support.

According to the same source, the company has decided to extend the voting period for the remaining bonds until January 3. Sunac China has not commented on the matter.