Chinese property developer Sunac China Holdings has filed for Chapter 15 protection from creditors in a U.S. bankruptcy court, court documents showed on Tuesday.
The company sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.
Creditors of Sunac China Holdings approved its $9 billion offshore debt restructuring plan on Monday, marking the first approval of such debt overhaul by a major Chinese property developer.
Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets.
If you like this article, share it on social media by clicking any of the icons below.
Or in case you haven’t subscribed yet to our newsletter, please click SUBSCRIBE so you won’t miss the daily real estate news updates delivered right to your Inbox.
The article was originally published in Inquirer.NET.
More Stories
ERA Philippines formed in a franchise deal between Singapore’s APAC Realty and PH’s Upper Room Realty
Metro Manila construction material retail price growth slowest in over four years
Buoyant retail sector