Sunac China updates on debt restructuring, operational enhancements

Sunac China Holdings Limited reported progress on its debt restructuring efforts, addressing the auditor's disclaimer of opinion for FY2024. For onshore debt, the company completed the allotment and issuance of 754,468,943 shares on July 9, 2025, to facilitate payments via the Equity Option. The net proceeds from these shares, approximately RMB5.6 bn, will repay relevant onshore bonds.

Regarding offshore debt, all three resolutions relating to the Offshore Debt Restructuring were passed at an extraordinary general meeting on September 9, 2025, with approval percentages ranging from 96.04% to 99.99%. The Scheme Meeting for creditors is scheduled for October 14, 2025, with the substantive hearing for sanctioning the scheme set for November 5, 2025. Over 75% of the aggregate outstanding principal amount of existing debt subject to the RSA has submitted letters of accession.

Operationally, Sunac China secured extensions on borrowings totaling approximately RMB1.412 bn and obtained RMB883 m in new financing, primarily for guaranteed home delivery. The company continues to negotiate with creditors to resolve onshore lawsuits, accelerate property sales, and expedite collection of sales proceeds and other receivables.