Major China developer Sunac defaults as debt crisis spreads

A sign for the Sunac Land amusement park at the Sunac Resort project under construction, developed by Sunac China Holdings Ltd., in Haiyan, Zhejiang Province, China, on Friday, Feb. 25, 2022.

SUNAC China Holdings Ltd has defaulted on a dollar bond, becoming one of the biggest Chinese property companies to renege on its obligations amid a record-breaking wave of missed payments.

China’s fourth-largest developer says in a filing to the Hong Kong stock exchange that it didn’t pay a US$29.5mil (RM129.74mil) coupon on the note before the end of a grace period Wednesday and that it doesn’t expect to make payments on other securities.