Chinese developers Sunac and Country Garden brought some relief to the crisis-hit property sector by forging debt deals with creditors, but the outlook remained clouded by uncertainty about a recovery in home sales.
brought some relief to the crisis-hit property sector by forging debt deals with creditors, but the outlook remained clouded by uncertainty about a recovery in home sales.its $9 billion offshore debt restructuring plan, the first green light of such a debt overhaul by a major Chinese developer.
Sunac said late on Monday that creditors holding 98.3% of the total value of the bonds who attended the vote had approved the restructuring plan proposed and agreed to by some creditors in March. The developer will seek approval of the plan by a Hong Kong court at a hearing scheduled for Oct. 5. If the plan could be implemented well, and depending on whether the recovery of China's property market could generate sufficient cash flows, investors would be able to get something back, he added.
The latest debt deals with creditors will give some breathing room to Chinese developers and help them avoid a default or a messy liquidation process, but the success of the agreements will depend on a recovery in the property sector.
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