Sunac shares surge 21% as Chinese property developer says it's met restructuring conditions
Publishing timestamp: 2023-11-20 22:08:06
Summary
Sunac China Holdings Ltd. has announced that it has started executing its plans to overhaul its debt after meeting the necessary restructuring conditions. As a result, the Hong Kong-listed shares of Sunac surged 21% to their highest level in two months. The restructuring involves the discharge and release of Sunac's existing debt in exchange for new notes. This news comes after China signaled support for property developers and resolving local government debt problems, as the real estate sector has been facing challenges due to developer defaults and declining home sales.
Sentiment: POSITIVE
Tickers: 1918-HK,
Keywords: hong kong, corporate bonds, currency markets, asia economy, sunac china holdings ltd, debt and bond markets, south asia, asia news, stock markets, east asia, business news, real estate, china,