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Sunac China Completes Debt Restructuring

CHINA PRESS
MNI (Singapore)

Sunac China has become the first large-scale real-estate company to complete domestic and overseas debt restructuring, and secure CNY3.48 billion in cooperative financing from the government-backed asset manager Huarong, the Securities Daily reported. The company has resolved CNY90 billion in debt, and reduced it by USD4.5 billion. It will have no debt repayment pressure in the overseas public market within two-three years, while the company still needs to stabilise operating cash flow and use unrestricted funds to ensure the delivery of housing projects to avoid further deterioration of brand credit, said Yan Yuejin, director at the E-house China Research and Development Institution.

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