Sunac added that Sunac Services will remain its subsidiary, despite the lowered stake.

The Chinese property development and management group earlier this week obtained approval from its creditors for the $9 billion offshore debt restructuring plan, marking the first approval of such debt overhaul by a major Chinese property developer.

Sunac is also in the process of seeking approval for the plan by a Hong Kong court, with a hearing scheduled for Oct. 5.

Sunac, alongside peers like China Evergrande, are among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets.

Separately, Sunac has sought Chapter 15 protection from creditors in a U.S. bankruptcy court, court documents showed on Tuesday.

(Reporting by Nausheen Thusoo in Bengaluru; Editing by Shailesh Kuber)