Sunac China seeks to reduce June and Sept amortization bond payments

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HONG KONG : Cash-strapped property developer Sunac China is seeking to reduce amortization payments due in June and September on an onshore bond worth 4 billion yuan ($598 million), a filing on Monday showed. Sunac was supposed to pay 10 per cent and 15 per cent of the principal at the end of June and Sep

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HONG KONG : Cash-strapped property developer Sunac China is seeking to reduce amortization payments due in June and September on an onshore bond worth 4 billion yuan , a filing on Monday showed.

Sunac was supposed to pay 10 per cent and 15 per cent of the principal at the end of June and Sept, respectively. Now the firm will hold a meeting on June 28-29 for bondholders to approve cutting the percentages to 5 per cent and 10 per cent. The June 30 payment is first of the six instalments of the 4 billion yuan puttable bond [CN163376SH=] that Sunac had extended from April 1 by 18 months.Source: Reuters

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