Sunac China, the country's third-largest developer, is seeking a two-year payment extension on a 4 billion yuan ($627 million) onshore bond due April 1, Caixin learned from several bondholders. In return, Sunac's billionaire Chairman Sun Hongbin proposes to provide an unlimited joint liability guarantee.
The move followed rating downgrades by all three global rating companies and a series of negative developments involving other developers, including delays in making debt repayments. Sunac said Monday that it expects to miss the March 31 deadline for issuing its audited annual report, joining a handful of Chinese developers to delay financial reports, including China Evergrande Group, Ronshine China Holdings and Shimao Property Holdings.
