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According to people familiar with the matter, Sunac recently released a domestic debt restructuring plan, and organized a meeting of bondholders to vote on the extension plan. The voting time will end on December 9. Regarding domestic debt restructuring, Sunac has provided creditors with two debt extension plans: for the debts that have been extended, the previous plan was to extend the extension for 3.75 years, and the latest plan will reduce the extension time to 3 years; In 2023, the latest plan will reduce the extension time to 4 years. At the same time, all creditors will be paid 3% of the principal in advance, and will be paid in two installments in 2023. However, the plan still needs more than 50% voting approval rate to pass. (Financial Association)
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Event Tracking
- 2022-12-06 Sunac released the latest domestic debt restructuring plan, and the current debt that has not been extended will be extended for 4 years
- 2022-12-02 Why AMC, Trust and Six Banks Enter Sunac Dongjiadu Project
- 2022-11-30 Sun Hongbin moved to “rescue soldiers”: Shanghai Dongjiadu project will attract more than 12 billion yuan
- 2022-01-20 Sunac paid two open market products of about 4.25 billion yuan as scheduled, and the stock price rose by more than 16%
- 2021-11-16Sunac’s allotment is expected to raise US$952 million, about 50% of which will be used to repay loans
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