Real Estate Crisis in China: Sunac Seeks Bankruptcy Protection in the U.S.

Written by Douglas Avila

Published on 20/09/2023 at 18:00

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After Evergrande, Sunac Becomes The Second Largest Chinese Developer To Seek Bankruptcy Protection In The United States

The crisis in the Chinese real estate sector continues to deepen, with Sunac, one of the country’s major developers, seeking bankruptcy protection in the United States. This move comes after the company received approval to restructure nearly US$ 10 billion in debt. Sunac is the second large Chinese developer to seek such protection in weeks, following the footsteps of Evergrande, which has recorded massive losses in recent years.

The protection filing may be a strategy to help Sunac negotiate with foreign creditors while working to revise its debt. Recently, the company reported that it obtained approval from over 2,000 creditors to restructure its debts, a significant step in its efforts to manage its financial situation.

Sunac, which was once the third largest developer in China in terms of sales, is facing a deteriorating financial crisis. Sales have been declining, and the company has accumulated a significant amount of debt. Sunac’s financial situation reflects the broader crisis affecting the Chinese real estate sector, with many developers struggling to pay their debts due to falling sales.

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Real Estate Crisis in China: Sunac Seeks Bankruptcy Protection in the U.S.

After Evergrande, Sunac Becomes The Second Largest Chinese Developer To Seek Bankruptcy Protection In The United States

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Real Estate Crisis in China: Sunac Seeks Bankruptcy Protection in the U.S.

After Evergrande, Sunac Becomes The Second Largest Chinese Developer To Seek Bankruptcy Protection In The United States

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