Sunac China Holdings Sunac China Holdings has now written off most of its investment in Leshi Internet Information and Technology, setting aside 16.6 billion yuan (US$2.64 billion) to cover its losses. Photo: Reuters

Sunac sets aside US$2.64b to cover losses in Leshi, conceding its recovery strategy has ‘failed’

‘How can I cut off an arm, when the head is already off?’, asked Sunac’s chairman Sun Hongbin, responding to a question on whether he will continue to seek cost cuts in the ill-fated investment

Topic |   China property

TOP PICKS

Sunac China Holdings Sunac China Holdings has now written off most of its investment in Leshi Internet Information and Technology, setting aside 16.6 billion yuan (US$2.64 billion) to cover its losses. Photo: Reuters
READ FULL ARTICLE