After the Chinese real estate company “Sunac China” defaulted on its debt for the first time in May last year, it announced its overseas debt on the evening of the 20th.reconstructionCredit risks of approximately RMB 90 billion (approximately US$12.66 billion) were successfully resolved. After 18 months of restructuring, Sunac China has completed its external debt restructuring, marking that Sunac China has become the first large real estate company in China to complete all the processes of domestic, domestic and overseas debt restructuring. Has been. Affected by this news, Sanac China shares opened up nearly 7% on the 21st.
It is understood that the scale of Sunak China’s foreign debt restructuring is about US$10 billion. These existing loans will be replaced by six newly listed US dollar notes, mandatory convertible etc. as per the choice of the creditor.deeply concernedConvertible bonds and Sunac service equity, with a consideration of US$5.7 billion, US$2.75 billion, US$1 billion and US$775 million, respectively.
For Sunak, the implementation of this external debt restructuring plan could lead to a reduction in external debt by about US$4.5 billion, which is about 45% of its total external public market debt. This can reduce the debt scale of the company and also provide a 2A buffer to the company. Tenure up to 3 years for foreign loans.
However, the success of this overseas debt restructuring only temporarily suspended the harsh debt repayment pressure and allowed the company to breathe a sigh of relief, but its risks have not been completely eliminated. The craze is currently selling,financingWe are still facing a lot of pressure.
According to sales data released by Sunak, sales in October this year reached 4.76 billion yuan, a decrease of 48.8% year-on-year, and the sales area was about 325,000 square meters; In the first ten months, Sunak’s cumulative sales amount was approximately 75.78 billion yuan, a year-on-year decrease of 50.49%; The cumulative sales area is approximately 5.403 million square meters. According to CRIC data, Sanac’s full-scale sales declined in the first ten months, dropping it to 17th among Chinese real estate companies.
Sunak’s 2023 semi-annual report shows that the gross deficit in the first half of the year was about 3.08 billion yuan, and the deficit decreased by about 49.2% compared with the same period last year. As of June 30, Sanac China had approximately RMB 7.291 billion in cash and cash equivalents, but its cash flow was still in a state of continuous decline.
In terms of guaranteed delivery, Sunac will complete the delivery of more than 180,000 residential units in 2022, and the delivery volume in the first ten months was 205,000 units. Sanac aims to complete deliveries of 300,000 units this year. This means that in the last two months of this year, Sunak China still needs to complete the delivery of about 100,000 units, which is a big challenge.
China(tagstotranslate)restructuring
