Developer Sunac China receives a liquidation petition, according to Hong Kong’s judiciary website Reuters
(Reuters) – A liquidation application has been filed against debt developer Sunac China, the website of Hong Kong’s judiciary said late on Thursday.
The petition was filed by a unit of asset manager China Cinda Asset Management, and a hearing is scheduled for March 19, the website shows.
Beijing-based Sunac and China Cinda Asset Management did not immediately respond to Reuters requests for comment.
Earlier this week, sources close to the company said it was unlikely to meet the bond’s September maturity date as part of a restructuring process.
Sunac, which was ranked among China’s leading developers by sales before the debt crisis that rocked the property sector in 2021, was the first to complete a comprehensive review of its $9 billion offshore debt in November 2023.
