-
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
Tiongkok Sunac File for Chp 15 protection against creditor in NY
- Thread starter k1976
- Start date
Chinese developer Sunac China Holdings (1918.HK) has filed for Chapter 15 protection from creditors in a U.S. bankruptcy court, court documents showed on Tuesday.
The company sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.
Creditors of Sunac China Holdings approved its $9 billion offshore debt restructuring plan on Monday, marking the first approval of such debt overhaul by a major Chinese property developer.
Sunac is 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.
The company sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.
Creditors of Sunac China Holdings approved its $9 billion offshore debt restructuring plan on Monday, marking the first approval of such debt overhaul by a major Chinese property developer.
Sunac is 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.
https://www.reuters.com/world/china...-offshore-debt-restructuring-plan-2023-09-18/
HONG KONG, Sept 18 (Reuters) - Creditors of Sunac China Holdings Ltd (1918.HK) have approved its $9 billion offshore debt restructuring plan, the company said on Monday, marking the first approval of such debt overhaul by a major Chinese property developer.
Sunac is 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.
The agreement comes as investors closely monitor whether a raft of property easing measures introduced by Beijing could revive the sector.
Creditors holding 98.3% of the total value of the bonds who took part in the vote have approved Sunac's restructuring plan proposed earlier this year, according the company's filing with the Hong Kong Stock Exchange.
Sunac said that following the creditors' approval it would proceed to seek the approval of the plan by a Hong Kong court at a hearing scheduled for Oct. 5
HONG KONG, Sept 18 (Reuters) - Creditors of Sunac China Holdings Ltd (1918.HK) have approved its $9 billion offshore debt restructuring plan, the company said on Monday, marking the first approval of such debt overhaul by a major Chinese property developer.
Sunac is 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.
The agreement comes as investors closely monitor whether a raft of property easing measures introduced by Beijing could revive the sector.
Creditors holding 98.3% of the total value of the bonds who took part in the vote have approved Sunac's restructuring plan proposed earlier this year, according the company's filing with the Hong Kong Stock Exchange.
Sunac said that following the creditors' approval it would proceed to seek the approval of the plan by a Hong Kong court at a hearing scheduled for Oct. 5
https://www.reuters.com/world/china...ng-respite-chinas-property-sector-2023-09-19/
Learn more aboutRefinitiv
Reuters home
September 19, 20232:55 PM GMT+8Updated 2 min ago
[1/2]A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing Rights
HONG KONG, Sept 19 (Reuters) - Chinese developers Sunac (1918.HK) and Country Garden (2007.HK) brought some relief to the crisis-hit property sector by forging debt deals with creditors, but the outlook remained clouded by uncertainty about a recovery in home sales.
Shares in Sunac China Holdings surged as much as 14% in early trade on Tuesday after creditors approved its $9 billion offshore debt restructuring plan, the first green light of such a debt overhaul by a major Chinese developer.
The stock, however, gave all its gains later and dropped more than 7% in the afternoon trade after reports, citing court documents, showed Sunac has filed for U.S. bankruptcy protection under Chapter 15.
Under the U.S. bankruptcy code, the move shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States. The step is seen as procedural in large offshore debt revamp processes.
Learn more aboutRefinitiv
Reuters home
Sunac, Country Garden debt deals bring respite for China's property sector
ReutersSeptember 19, 20232:55 PM GMT+8Updated 2 min ago
[1/2]A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing Rights
HONG KONG, Sept 19 (Reuters) - Chinese developers Sunac (1918.HK) and Country Garden (2007.HK) brought some relief to the crisis-hit property sector by forging debt deals with creditors, but the outlook remained clouded by uncertainty about a recovery in home sales.
Shares in Sunac China Holdings surged as much as 14% in early trade on Tuesday after creditors approved its $9 billion offshore debt restructuring plan, the first green light of such a debt overhaul by a major Chinese developer.
The stock, however, gave all its gains later and dropped more than 7% in the afternoon trade after reports, citing court documents, showed Sunac has filed for U.S. bankruptcy protection under Chapter 15.
Under the U.S. bankruptcy code, the move shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States. The step is seen as procedural in large offshore debt revamp processes.
Sunac, Country Garden debt deals bring respite for China's property sector
SEP 19, 2023 01:44 PM
CHINESE developers Sunac and Country Garden brought some relief to the crisis-hit property sector by forging debt deals with creditors, but the outlook remained clouded by uncertainty about a recovery in home sales.
Shares in Sunac China Holdings surged as much as 14 per cent on Tuesday (Sep 19) after creditors approved its US$9 billion offshore debt restructuring plan, the first green light of such a debt overhaul by a major Chinese developer.
Separately, cash-starved Country Garden won approval from creditors to extend repayment on another onshore bond, the last in the batch of eight bonds it has been seeking extensions for, two sources familiar with the matter said on Tuesday.
The developments come as Beijing steps up efforts to revive the property sector, which accounts for roughly a quarter of the world’s second-largest economy, with a raft of support measures unveiled over the last few weeks.
Sunac said late on Monday that creditors holding 98.3 per cent of the total value of the bonds who attended the vote had approved the restructuring plan proposed and agreed to by some creditors in March. The developer will seek approval of the plan by a Hong Kong court at a hearing scheduled for Oct 5.
As part of the restructuring terms, a portion of its debt would be exchanged into convertible bonds backed by its Hong Kong-listed shares along with new notes with maturities of between two and nine years.
“I will treat it as a positive ... We haven’t seen much progress on the offshore market, so this shows at least some Chinese developers are trying to reach an agreement,” said Gary Ng, senior economist at Natixis Corporate and Investment Bank.
If the plan could be implemented well, and depending on whether the recovery of China’s property market could generate sufficient cash flows, investors would be able to get something back, he added.
Hong Kong-listed shares of Sunac were up more than 4 per cent at 0310 GMT, while Country Garden was trading 1 per cent higher.
While Sunac is among a string of Chinese developers that have defaulted on their offshore debt obligations since an unprecedented liquidity crisis hit the property sector in 2021, Country Garden has not missed any offshore payments yet.
Major developers in the process of restructuring their debt include China Evergrande Group, whose liquidity crunch was a turning point in the country’s real estate crisis.
The latest debt deals with creditors will give some breathing room to Chinese developers and help them avoid a default or a messy liquidation process, but the success of the agreements will depend on a recovery in the property sector.
Even as Beijing implements measures to prop up the sector, house prices have continued to decline – latest data show new home prices fell at their fastest pace in 10 months in August, while falls in real estate investment and sales deepened.
ANZ Senior China economist Betty Wang said the support measures could spur some “genuine demand” especially ahead of the traditional sale season during late September/early October in top-tier cities.
“However, the pace and the extent of such a turnaround will be much smaller than in previous cycles,” she said in a report published on Tuesday.
“It’s also questionable whether it will kick off a sustainable rebound, especially considering the uncertain job outlook, deteriorating income inflows, a shift in expectations, and potential increase in housing supply in the long-term.” REUTERS
“I will treat it as a positive ... We haven’t seen much progress on the offshore market, so this shows at least some Chinese developers are trying to reach an agreement,” said Gary Ng, senior economist at Natixis Corporate and Investment Bank.
If the plan could be implemented well, and depending on whether the recovery of China’s property market could generate sufficient cash flows, investors would be able to get something back, he added.
Hong Kong-listed shares of Sunac were up more than 4 per cent at 0310 GMT, while Country Garden was trading 1 per cent higher.
While Sunac is among a string of Chinese developers that have defaulted on their offshore debt obligations since an unprecedented liquidity crisis hit the property sector in 2021, Country Garden has not missed any offshore payments yet.
Major developers in the process of restructuring their debt include China Evergrande Group, whose liquidity crunch was a turning point in the country’s real estate crisis.
The latest debt deals with creditors will give some breathing room to Chinese developers and help them avoid a default or a messy liquidation process, but the success of the agreements will depend on a recovery in the property sector.
Even as Beijing implements measures to prop up the sector, house prices have continued to decline – latest data show new home prices fell at their fastest pace in 10 months in August, while falls in real estate investment and sales deepened.
ANZ Senior China economist Betty Wang said the support measures could spur some “genuine demand” especially ahead of the traditional sale season during late September/early October in top-tier cities.
“However, the pace and the extent of such a turnaround will be much smaller than in previous cycles,” she said in a report published on Tuesday.
“It’s also questionable whether it will kick off a sustainable rebound, especially considering the uncertain job outlook, deteriorating income inflows, a shift in expectations, and potential increase in housing supply in the long-term.” REUTERS
https://www.marketscreener.com/quot...ors-approve-debt-restructuring-plan-44871245/
Huat big big opportunity coming
Log inSign up
1918
2.690$-3.93%
SUNAC CHINA HOLDINGS LIMITED
Summary
Quotes
Charts
News
Ratings
Calendar
Company
Financials
Consensus
Revisions
Funds and ETFs
HONG KONG, Sept 19 (Reuters) - Shares of property developer Sunac China Holdings were set to rise 10% on Tuesday after creditors approved its $19 billion offshore debt restructuring plan, the first green light of such a debt overhaul by a major Chinese developer.
Sunac's Hong Kong-listed stock was set to open at HK$3.08. (Reporting By Donny Kwok; Writing by Anne Marie Roantree; Editing by Jacqueline Wong)
Huat big big opportunity coming
Log inSign up
- Homepage
- Markets
- News
- Analysis
- Our Shows
- Stock Picks
- Portfolios
- Watchlists
- Rankings
- Screeners
- Tools
- Our Services
1918
2.690$-3.93%
SUNAC CHINA HOLDINGS LIMITEDSunac China Holdings Limited
Equities
1918
KYG8569A1067
Real Estate Development & Operations
| Delayed Hong Kong Stock Exchange 12:46:56 2023-09-19 pm | 1st Jan Change | |
| 2.690 HKD | -3.93% | -40.83% |
Quotes
Charts
News
Ratings
Calendar
Company
Financials
Consensus
Revisions
Funds and ETFs
Sunac shares set to rise 10% after creditors approve debt restructuring plan
September 18, 2023 at 09:20 pm EDTHONG KONG, Sept 19 (Reuters) - Shares of property developer Sunac China Holdings were set to rise 10% on Tuesday after creditors approved its $19 billion offshore debt restructuring plan, the first green light of such a debt overhaul by a major Chinese developer.
Sunac's Hong Kong-listed stock was set to open at HK$3.08. (Reporting By Donny Kwok; Writing by Anne Marie Roantree; Editing by Jacqueline Wong)
Similar threads
