Chinese developer Sunac’s shares tumble 26% after liquidation petition

Quick Summary:

Sunac said in late 2023 that it had received court approval for a $10bn offshore restructuring plan, one of the few of its kind to proceed.

Sunac’s Hong Kong-listed shares fell 26 per cent to HK$1.30 (US$0.17) on Friday.

Sunac, formerly one of China’s largest developers, defaulted after the 2021 failure of its peer Evergrande sparked a sector-wide cash crunch.

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Article Details

Author / Journalist: Thomas Hale

Category: MarketsFinanceInvesting

Markets: United StatesChinaHong Kong

Topics: Hong Property Petition Company Developer Indebted Sunac Financial Kong Subject Chinese

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-10 @ 08:47:24 (14 hours ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 452 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 25032479

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