Chinese Developer Sunac Files for Bankruptcy in US, Seeks to Restructure $10B in Debt
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Sunac, a major Chinese property developer, has filed for bankruptcy protection in the US after restructuring nearly $10B in debt.
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Sunac is the second major Chinese developer after Evergrande to seek Chapter 15 protection in the US.
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The filing may help Sunac negotiate with overseas lenders as it overhauls its debts.
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Sunac won approval from creditors to restructure $9.9B in offshore debt, providing a potential roadmap for other distressed developers.
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Despite some policy support, China's property industry remains in crisis with major developers like Country Garden still at risk of default.