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 :
- "The Group's contracted sales have continued to decline significantly, while access to new financing has become increasingly difficult with more liquidity 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"