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China's Sunac seeks payment extension on $345m of debt

Property developer negotiating with holders of onshore bond

Sunac is one of a raft of Chinese property developers battling a cash crunch. (Photo by Noriyuki Doi).

Chinese property developer Sunac China Holdings is seeking extra time to make payments on 2.3 billion yuan ($345 million) of debt due next week as the company scrambles to scrape up enough cash, Caixin learned from bondholders.

Sunac is in negotiations with bondholders on a plan to extend repayments of an onshore bond due June 13 by two years, Caixin learned. No agreement has been reached.

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