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Translated by: OX Translation Team – TrueSky
On May 11th, Chinese real estate developer Sunac issued an announcement saying that the company would not be able to make four US dollar bond interest payments on schedule, amounting to US$100 million.
According to a report, Sunac said in the announcement that the company does not expect to make the scheduled interest payments on four US dollar-denominated bonds, with a combined issue size of US$2.742 billion and a total of US$104.7 million in spot interest. Among them, the notes due in October 2023 have exceeded their grace period and the bondholders have not received the interest so far, which constitutes a default.
The USD bond issue, which is overdue for interest payment, is US$750 million, with an annual interest rate of 7.95% and US$29,478,600 in interest payable for the current period, the report said.
It is reported that Sunac’s outstanding USD bonds amount to US$7.7 billion, which is the highest among Communist China developers. In addition, Sunac has one RMB 4 billion bond with 10% of principal due on May 15th and another RMB 1.44 billion bond due on June 13th.
Proofread/Edited by: James L
Posted by: James L
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