Struggling developer Sunac China Holdings has agreed to sell its majority stake in a sprawling indoor ski resort project in Shenzhen for RMB 3.6 billion ($509 million), two years after teaming up with a government-backed builder to purchase the site.
Sunac China Warns of Likely Default on $940M in Onshore Bonds
Sunac China Holdings has become the latest mainland developer to raise the spectre of default, announcing Friday that it was unlikely to redeem two onshore bonds with a combined balance of RMB 6 billion ($940 million) when they come due… Read More>>
Sunac China Defies Downturn, Reports 57% Leap in Profit for 2019
Sunac China has declared an increase in annual profit of more than 57 percent, as the Tianjin-based developer capitalized on credit made available by Beijing to grow during an economic downturn.
In a report on Friday to the Hong Kong… Read More>>
Sunac Pays RMB 1.16B to Add Pair of Shanghai Land Parcels to Pipeline
Sunac China won two residential plots in Shanghai’s most distant district on Monday, agreeing to pay the city government a total of RMB 1.16 billion ($170 million) for the sites on Chongming island, according to an announcement by the Shanghai… Read More>>
Sunac China Names Former Baoneng, Poly Exec as New CEO
Hong Kong-listed developer Sunac China Holdings has selected former Baoneng Group senior vice president Yu Ying as its new chief executive officer, according to a report in mainland news site The Paper.
The change in leadership at the top five… Read More>>
Xu Jiayin Ranks as China’s Richest Property Person for Second Straight Year
China Evergrande Real Estate chairman and CEO Xu Jiayin leads the ranks of the mainland’s wealthiest real estate people for the second year in a row with assets estimated at RMB 215 billion ($31 billion), according to the annual Hurun Report… Read More>>
Sunac China Buys Control of Failing Le Eco Units After Losing $2.6B
China’s fourth largest real estate developer Sunac China Holdings has taken control of two of the three units of Jia Yueting’s financial-troubled LeEco company via court auction, at a price of RMB 773 million. The investment comes after the developer… Read More>>
HNA Misses $1.4B Payday as Airline Service IPO Scrapped and More Asia Real Estate Headlines
A trio of mainland conglomerates are claiming the attention of market watchers today, with HNA leading the news with a missed attempt at a $1.4 billion IPO in Switzerland. The troubled investment firm’s tech counterpart looks to be in worse… Read More>>
Sun Hongbin Resigns as Chairman of LeEco Unit as Mainland Media Firm Fails
Sunac chairman Sun Hongbin has stepped down as the chairman of Leshi Internet Information & Technology, a video streaming subsidiary of mainland new media trainwreck LeEco.
Sun resigned before his term’s expiration date of October 13 due to “job adjustments,”… Read More>>
Sunac Buys Out Pair of HNA Hainan Projects for $300M as Fire Sale Rages
Chinese tycoon Sun Hongbin, who bailed out Wanda Group last year, is coming to the aid of a struggling mainland developer again. HNA Infrastructure Investment Group, a listed subsidiary of embattled HNA Group, said in two separate filings to the… Read More>>