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Sunac China is set to be the first major Chinese developer to fully complete its debt restructuring with a court hearing expected in Hong Kong, the final step. This compares to some of its peers including Evergrande that are yet to find a viable debt-restructuring proposal that gets maximum approval by their creditors. Sunac’s restructuring proposal was approved earlier last month by creditors representing 98% of claims. Sunac had defaulted on its dollar bonds in May 2022 and came out with a restructuring plan in March this year. Of the $10.2bn in claims by creditors, $5.7bn would be compensated with new dollar bonds and the remainder via shares of its property-management unit and convertible notes.
Sunac’s 6.5% 2026s was up 3.1 points to 15.63 cents on the dollar.
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