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    1918   KYG8569A1067

SUNAC CHINA HOLDINGS LIMITED

(1918)
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Delayed Hong Kong Stock Exchange  -  04:08 2022-03-31 am EDT
4.580 HKD   -5.18%
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06/27Sunac China seeks to reduce June and Sept amortization bond payments
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06/23Sunac China in Talks for Second Extension on Onshore Bond
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China's Sunac seeks second extension on onshore bond payment -sources

06/22/2022 | 05:19am EDT
Advertisement of Sunac China Holdings is seen at a residential complex in Shanghai

HONG KONG/SHANGHAI (Reuters) - Cash-strapped property developer Sunac China is talking to investors about a second extension on part of an onshore bond payment due at the end of this month, two people with knowledge of the matter said on Wednesday.

It is rare that a firm seeks to extend a payment again within a short period, highlighting the stressed liquidity of the country's No.3 property developer by sales.

The 400 million yuan ($59.57 million) payment due June 30 is first of the six instalments of a 4 billion yuan puttable bond that Sunac had extended from April 1 by 18 months.

Financial news and research provider REDD first reported about the talks between Sunac and major bondholders.

Sources said Sunac was still raising money for the payment, and it planned to pay part of it on the due date and extend the rest. Details are still being finalised and are expected to be announced next week, still subject to bondholders' approval.

Sunac declined to comment.

The next instalment worth 600 million yuan is scheduled to be paid on Sept. 30.

Sunac is trying to ease its cash crunch by extending debt obligations and disposing of assets, after its sales were hit by COVID-19 this year and it was unable to secure new financing.

A source told Reuters Sunac was working on a restructuring of its offshore debt, aiming to finalize it in the next two to three months. It was also talking to state-owned entities about strategic investments in the firm.

Last month, Sunac missed the deadline for coupon payments on a $742 million offshore bond and said it did not expect to make payments coming due on other bonds, adding to a wave of defaults in China's debt-laden property sector.

($1 = 6.7152 Chinese yuan renminbi)

(Reporting by Clare Jim in Hong Kong, Steven Bian in Shanghai and Shuyan Wang in Beijing; Editing by Tomasz Janowski)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
SUNAC CHINA HOLDINGS LIMITED -5.18% 4.58 Delayed Quote.-61.12%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.37% 6.71451 Delayed Quote.5.40%
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Financials
Sales 2021 262 B 41 322 M 41 322 M
Net income 2021 23 800 M 3 754 M 3 754 M
Net Debt 2021 177 B 27 966 M 27 966 M
P/E ratio 2021 0,83x
Yield 2021 24,9%
Capitalization 20 202 M 3 181 M 3 186 M
EV / Sales 2021 0,75x
EV / Sales 2022 0,79x
Nbr of Employees 68 663
Free-Float 60,3%
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 3,71 CNY
Average target price 12,30 CNY
Spread / Average Target 232%
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Managers and Directors
Meng De Wang Chief Executive Officer & Executive Director
Shu Ping Huang Executive President & Executive Director
Xi Gao Chief Financial Officer, Secretary & VP
Hong Bin Sun Chairman
Zhi Xia Ma Executive President & Chief Operating Officer