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China debt crunch

China property group Sunac unveils $9bn debt restructuring plan

Developer has negotiated with group of offshore bondholders

An advertisement for property developer Sunac China at a residential complex in Shanghai. China's top developers have been embroiled in a debt crisis.   © Reuters

SHANGHAI -- Property developer Sunac China has unveiled plans to restructure more than $9 billion of its offshore debt as it tries to navigate out of the deep crisis engulfing the Chinese real estate sector.

Under the proposal announced on Friday, Sunac would convert between $3 billion and $4 billion of debt into shares or equity-linked instruments. The rest of the $9.1 billion of offshore debt would be exchanged into new U.S. dollar-denominated notes, with maturities of between two and eight years, the group said in a filing with the Hong Kong bourse.

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