Sunac moved ahead of its troubled peers in fixing its financial crisis after a court in Hong Kong sanctioned its US$10.2 billion debt workout plan with more than 2,000 offshore creditors.
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Sunac China Holdings: The Chinese property development and management group earlier this week obtained approval from its creditors for the $9 billion offshore debt restructuring plan, marking the first approval of such debt overhaul by a major Chinese property developer.
Sunac China Holdings said on Thursday its stake in its unit Sunac Services will drop to 49.7%, following implementation of a restructuring plan that will allow the company s creditors to exchange.