Sunac has already failed to pay US$29.5 million in interest on a US-dollar bond and was in default after a 30-day grace period in May. Photo: Shutterstock Images
Sunac, China’s fourth-largest developer by sales, to delay payment of US$345 million onshore bond due on Monday, sources say
- It wants to repay the principal in four instalments over the next two years, sources say
- Sunac sold only 12.85 billion yuan worth of homes in May, a 82 per cent drop compared with a year ago and a 6 per cent drop since April
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Sunac has already failed to pay US$29.5 million in interest on a US-dollar bond and was in default after a 30-day grace period in May. Photo: Shutterstock Images
