Sunac China wins some bondholder approval for onshore restructuring plan, source says

Reuters12-10

HONG KONG, Dec 10 (Reuters) - Sunac China has won approval from some of its bondholders for a plan to cut its onshore bonds by more than half through a restructuring, a source with direct knowledge of the matter said on Tuesday.

Two of the ten onshore bonds in the restructuring have received sufficient support from holders, the person said. The company will delay the voting deadline for the rest of the bonds by two weeks.

Once one of the country's top developers, Sunac is the first Chinese property developer who aims to carry out a steep cut on its 15.4 billion yuan ($2.12 billion) onshore bonds through an restructuring.

The bondholders' voting originally ended on Monday.

($1 = 7.2791 Chinese yuan renminbi)

(Reporting by Clare Jim; Editing by Louise Heavens)

((clare.jim@thomsonreuters.com;))

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The company will delay the voting deadline for the rest of the bonds by two weeks. </p><p>       Once one of the country's top developers, Sunac is the first Chinese property developer who aims to carry out a steep cut on its 15.4 billion yuan ($2.12 billion) onshore bonds through an restructuring.</p><p>   The bondholders' voting originally ended on Monday.         </p><p>($1 = 7.2791 Chinese yuan renminbi)</p><p> (Reporting by Clare Jim; Editing by Louise Heavens)</p><p>((clare.jim@thomsonreuters.com;))</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sunac China wins some bondholder approval for onshore restructuring plan, source says</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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Two of the ten onshore bonds in the restructuring have received sufficient support from holders, the person said. The company will delay the voting deadline for the rest of the bonds by two weeks.        Once one of the country's top developers, Sunac is the first Chinese property developer who aims to carry out a steep cut on its 15.4 billion yuan  onshore bonds through an restructuring.   The bondholders' voting originally ended on Monday.          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