China's 3rd-largest property developer by sales failed to make $29mn coupon payment

Sunac is China's 3rd-largest property developer by sales

• said it failed to make $29.5 mn coupon payments on $750 mln offshore bond before a month-long grace period ended
• the interest payments on the October 2023 bond had been due on April 11
• expects it will not make payments on other bonds coming due

From the company statement to the Hong Kong stock exchange Stock Exchange A stock exchange, or securities exchange is defined as a facility where stockbrokers and traders can buy and sell securities.This includes shares of company stocks, bonds, exchange-traded funds (ETFs), or other financial instruments. Stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events. This commonly includes the payment of income and dividendsStock exchanges have developed into a permanent fixture in the financial market A stock exchange, or securities exchange is defined as a facility where stockbrokers and traders can buy and sell securities.This includes shares of company stocks, bonds, exchange-traded funds (ETFs), or other financial instruments. Stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events. This commonly includes the payment of income and dividendsStock exchanges have developed into a permanent fixture in the financial market Read this Term:

• "The Group's contracted sales have continued to decline significantly, while access to new financing has become increasingly difficult with more liquidity Liquidity Liquidity refers to the extent of a financial instrument’s ability to be bought or sold without causing price fluctuations. Thus, if an asset is extremely liquid, it means one can trade that asset in the knowledge that one’s specific dealing won’t create significant movements in the market.This is because there exists such a large number of traders going both long and short, generating huge volume for that particular asset. Liquidity in the FX MarketTake the example of the foreign exchange marke Liquidity refers to the extent of a financial instrument’s ability to be bought or sold without causing price fluctuations. Thus, if an asset is extremely liquid, it means one can trade that asset in the knowledge that one’s specific dealing won’t create significant movements in the market.This is because there exists such a large number of traders going both long and short, generating huge volume for that particular asset. Liquidity in the FX MarketTake the example of the foreign exchange marke Read this Term issues occurring among certain property developers"
• "The Company does not expect that it will make payments under the abovementioned notes and other senior notes issued by it when they become due or within the relevant grace periods"