Debt-laden Sunac China seeks resumption in HK trading after a year

April 12, 2023 07:57 PM HKT | By Reuters
Image source: Reuters

(Reuters) - Embattled property developer Sunac China on Wednesday applied to the Hong Kong stock exchange for a resumption of trading in its shares from April 13 and said it was in the process of implementing a restructuring plan.

Trading in the company's shares was suspended last year pending the release of its financial results. Sunac published its overdue 2022 interim results last month, showing a core loss of 11.06 billion yuan.

The firm posted a net annual core loss of 13.86 billion yuan ($2.02 billion) for 2022, smaller than a loss of 25.30 billion yuan in 2021.

Sunac is among the many Chinese developers that defaulted on repayments of debt last year after starting to record losses in the second half of 2021.

In late March, the company reached an agreement with a group of offshore creditors to restructure $9 billion of its debt by converting it to new notes and convertible bonds backed by its Hong Kong-listed shares and shares in its property management unit Sunac Services.

(Reporting by Himanshi Akhand in Bengaluru; Editing by Shailesh Kuber and Arun Koyyur)

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