People on a property tour talk outside of a show flat at a residential property developed by Sunac China Holdings in Xishuangbanna Dai Autonomous Prefecture, Yunnan Province, China, June 22, 2019.
REUTERS/Lusha Zhang Acquire Licensing RightsSept 19 (Reuters) - 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.
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.
Reporting by Jyoti Narayan in Bengaluru; Editing by Christopher Cushing and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.
Persons:
Lusha Zhang, Jyoti Narayan, Christopher Cushing, Jacqueline Wong
Organizations:
Sunac China Holdings, REUTERS, HK, Thomson
Locations:
Xishuangbanna Dai Autonomous Prefecture, Yunnan Province, China, U.S, United States, Bengaluru