Sunac China reports Rmb12.88 bn net loss amid debt restructuring

Sunac China Holdings Limited announced its interim results for the six months ended June 30, 2025, revealing a net loss of Rmb12.88 billion, a decrease of 14.4% from Rmb14.96 billion in the same period last year. Revenue for the period was Rmb19.99 billion, down 41.7% from Rmb34.28 billion in H1 2024, primarily due to a decline in property sales revenue and a gross loss of Rmb2.08 billion. The company's total equity stood at Rmb44.88 billion as of June 30, 2025, with net current liabilities of Rmb94.10 billion and a gearing ratio of 84.1%.

The Group continued its debt restructuring, with Rmb4.00 billion in onshore bonds repurchased and approximately 754 million shares issued under the Equity Option. Offshore debt restructuring plans are progressing, with over 75% of creditors assenting. The company delivered 14,900 houses in H1 2025, with a target of 39,100 for the second half. Land bank remained substantial at 124 million sq.m. (86.24 million sq.m. attributable), providing a foundation for future operations.

Sunac Services, the property management arm, achieved a net profit of Rmb0.12 billion on Rmb3.55 billion revenue, managing 290 million sq.m. of gross floor area. The cultural tourism sector generated Rmb2.17 billion in revenue, showing sound operating results and industry leadership in ice and snow operations, including the successful opening of its tenth indoor ski resort.