HONG KONG—Developer Sunac China missed the deadline for coupon payments on a $742 million offshore bond and said on Thursday it does not expect to make payments coming due on other bonds, adding to a wave of defaults in China’s debt-laden property sector. The company said in a filing to the Hong Kong stock exchange that it has hired Houlihan Lokey as a financial advisor and Sidley Austin as a legal adviser to explore solutions to ease current liquidity constraints. With $7.7 billion in dollar bonds, Sunac is the fourth-largest issuer among Chinese developers. China’s property sector has been hit by a series of defaults on offshore debt obligations, highlighted by China Evergrande Group and Kaisa Group, as well as bond exchanges, with Zhongliang Holdings the latest firm to extend payments. ...
Source: https://www.theepochtimes.com/chinas-fo ... 64792.html
China’s Fourth Largest Property Developer Sunac Misses Bond Repayment, Expects to Miss More
-
claireokc
- Posts: 11026
- Joined: Wed Dec 01, 2021 11:40 pm
- Location: Deep in the Heart of Soonerland
- Has thanked: 2 times
- Contact:
China’s Fourth Largest Property Developer Sunac Misses Bond Repayment, Expects to Miss More
"America needs a brushfire, a moral and spiritual brushfire. And brushfires burn from the bottom up." ~ Bob Woodson