Chinese developer Sunac makes bond payments as planned – sources

SHANGHAI : Chinese property developer Sunac China made the June amortization payments on an onshore bond as planned, scrapping an attempt to extend repayment, two sources with direct knowledge told Reuters.

The Beijing-based group has been struggling to repay its creditors, and is undergoing an offshore debt restructuring after defaulting on some dollar bonds this year.

Sunac had sought to extend amortization payments for a 4 billion yuan ($564.08 million) bond for the third time, by pushing out the deadline by another six months, sources said earlier this week.

But sources told Reuters on Friday that Sunac paid 410 million yuan in bond principal and interest as promised.

It means the developer gave up the repayment extension proposal, which requires bondholder approval.

Sunac declined to comment.

($1 = 7.0912 Chinese yuan renminbi)



Source: Reuters