Sunac: China's Former No. 3 Real Estate Giant Files for Bankruptcy in the US

Breaking News: Sunac, China’s former No. 3 real estate company, has filed for bankruptcy protection in the United States. This comes shortly after getting the green light from creditors to restructure nearly $10 billion of debt.

Sunac is now the second major Chinese real estate firm to seek bankruptcy protection within weeks, following Evergrande’s struggle with massive debts.

This move allows Sunac to work with U.S. courts, especially in cases involving international creditors and cross-border bankruptcy proceedings. It could help the company negotiate with foreign creditors during its debt restructuring.

Just last week, Sunac announced its bankruptcy filing with the Hong Kong Stock Exchange. They’ve already gained approval from over 2,000 creditors to restructure debt and pay $9.9 billion in interest to investors outside China.

This development is significant, as Sunac was China’s 10th-largest real estate company by contractual sales in August before it defaulted in 2022, marking the third-largest default in history according to CreditSights. Stay tuned for more updates on this unfolding story. #Sunac #Bankruptcy #RealEstate #ChinaEconomy

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