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

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