HONG KONG (Reuters) – Creditors of Sunac China Holdings Ltd have approved its $9 billion offshore debt restructuring plan, the firm said on Monday, marking the first approval of offshore debt restructuring by a major Chinese developer.

Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by an unprecedented liquidity crisis in 2021, roiling global markets.

Creditors holding 98.3% total value of the voting scheme have approved Sunac’s restructuring plan proposed earlier this year, according to a filing by the firm at the Hong Kong Stock Exchange.

(Reporting by Xie Yu; Editing by Jan Harvey)

Brought to you by www.srnnews.com