BRIEF: Sunac completes debt restructuring for Beijing project
Real estate developer Sunac China Holdings Ltd. (1918.HK) said on Monday that its Sunac One Courtyard project in Beijing has reached a debt restructuring agreement with creditor China Credit Trust, including a repayment extension for outstanding debt to January 2029.
Sunac One Courtyard had an original principal amount of 6.83 billion yuan ($941million) in debt due in September 2023, which was reduced to nearly 5.2 billion yuan after 1.64 billion yuan in previous payments.
According to the restructuring agreement, Sunac was granted a waiver of all default penalties, and historical accrued interest was reduced to approximately 650 million yuan. The financing cost after the restructuring was reduced from 9.6% per annum to 6.5% per annum.
Sunac One Courtyard is a mixed-use residential-commercial property at the core of Beijing’s Chaoyang District, with a total site area and gross floor area of about 75,200 square meters and 660,000 square meters, respectively,
By Lau Chi Hang
To subscribe to Bamboo Works weekly free newsletter, click here
