Core Viewpoint - The Hong Kong court has dismissed the winding-up petition against Sunac China, indicating a positive development for the company in its debt restructuring efforts [1][2]. Group 1: Legal Proceedings - On January 5, 2026, the Hong Kong High Court ruled to dismiss the winding-up petition filed by China Cinda (Hong Kong) Asset Management Co., Ltd. against Sunac China [2]. - The court had previously delayed hearings on this petition multiple times since it was filed in January 2025 [2]. Group 2: Debt Restructuring - Sunac China has successfully completed a debt restructuring, which was a key factor in the dismissal of the winding-up petition [4]. - As of December 23, 2025, approximately $9.6 billion of Sunac China's existing debt has been fully released and waived as part of the restructuring plan [4]. - The company issued mandatory convertible bonds to creditors as part of the debt restructuring process [4]. Group 3: Financial Management - The restructuring included the reorganization of an outstanding loan of HKD 858 million, with HKD 300.3 million extended for ten years and the remainder settled through the issuance of new shares [5]. - Sunac China has also completed the cancellation of bonds worth CNY 10.6 billion and extended the maturity of CNY 4.8 billion of remaining bonds until June 2034 [5]. - The company has reached agreements to extend loans totaling approximately CNY 5.618 billion [5]. Group 4: Market Context - The dismissal of the winding-up petition is part of a broader trend where several listed real estate companies have faced similar petitions, often used as a negotiation tactic by investors [6]. - Other companies, such as Times China and Poly Developments, have also had their winding-up petitions dismissed through mutual agreement [6].
法院驳回针对融创的清盘呈请，债务重组已于上年底完成