SHANGHAI (Reuters) – Major property developer Sunac China is in talks with creditors to restructure all of its 14.6 billion yuan ($2.07 billion) onshore bonds, according to three sources with knowledge of the matter.
Sunac declined to comment.
The bond restructuring will include both corporate bonds and asset-backed securities, the sources said, although no concrete proposals had yet been put forward.
The Beijing-based developer has extended repayment for a 4 billion yuan bond due earlier this year, and is restructuring its offshore debt after missing some payments.
Other cash-strapped developers that have extended the repayment of individual onshore bond obligations are also expected to engage in debt restructuring, one of the sources said.
Shenzhen-based developer Logan Group has proposed restructuring all of its onshore bonds due to mature in May 2027. Guangzhou-based R&F Properties said last week it had finished extending all of its bonds, worth 13.5 billion yuan.
($1 = 7.0446 Chinese yuan renminbi)
(Reporting by Steven Bian, Shuyan Wang, Kevin Huang in Shanghai, Clare Jim in Hong Kong; Editing by Edmund Klamann)
