Sunac China Holdings Ltd. won court approval for its multibillion-dollar offshore debt restructuring plan, clearing the last key hurdle for it to become the country’s first major developer to overhaul such liabilities.
Hong Kong Judge Jonathan Harris’ sign-off Thursday sets Sunac apart from major industry peers including China Evergrande Group. still struggling to find a viable debt-restructuring road map as an unprecedented housing crisis unfolds. Sunac shares jumped as much as 12%, adding to a sector-best rally in which the stock has soared 140% since the start of September.
Sunac, now ranked 16th, unveiled its proposal in March after reaching agreement with a group of key bondholders. Within weeks, the plan had support from those holding more than 75% of the involved offshore debt. Creditors representing 98% of claims that voted at a Sept. 18 meeting backed the proposal.
A government-driven effort started in 2020 to limit real estate leverage growth was followed by plunging new-home sales in China and a cash crunch among developers — resulting in record offshore bond defaults. Home demand has weakened anew in recent months after showing signs of recovery earlier this year.
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