Sunac China Holdings Ltd (1918.HK)
15 Dec 2017
Fri, Dec 15 2017
HONG KONG (Reuters Breakingviews) - A chastened Tianjin-based property developer is laying the foundation to build a better balance sheet. Sunac China Holdings plans to raise $1 billion by selling discounted shares. Thanks to a 380 percent rise in the company's share price over the last 12 months, it's a good time to tap the market for cash. Given how aggressive Chairman Sun Hongbin has been, though, he probably will need to do so again.
HONG KONG, Dec 15 Property developer Sunac China Holdings Ltd said on Friday it would sell HK$7.82 billion ($1 billion) worth of new shares to its major shareholder, the second share placement in five months after it vowed to slash its debt ratio.
HONG KONG, Dec 15 Property developer Sunac China Holdings Ltd said on Friday it would sell HK$7.82 billion ($1 billion) worth of new shares to its major shareholder, raising proceeds for general working capital.
* ENTERED INTO PLACING AND SUBSCRIPTION AGREEMENT TO PLACE 251.5 MILLION SHARES AT A PRICE OF HK$31.1 PER SHARE
* TSE CHI WAI TENDERED RESIGNATION AS AN INDEPENDENT NON-EXECUTIVE DIRECTOR Source text for Eikon: Further company coverage:
* IN NOVEMBER 2017, GROUP ACHIEVED A SUBSCRIPTION VALUE OF RMB50.86 BILLION
(The following statement was released by the rating agency) HONG KONG, November 01 (Fitch) Fitch Ratings has affirmed Sunac China Holdings Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Negative Outlook. At the same time, Fitch has downgraded Sunac's senior unsecured rating and the ratings of its outstanding US dollar notes to 'B+' from 'BB-'. The Rating Watch Negative (RWN) on all the ratings, in place since July 2017, has been resolved. Sunac's ratings have be
* Seeks consent solicitation in respect of 8.75% senior notes due 2019 Source text for Eikon: Further company coverage:
* The Listing Committee of The Stock Exchange of Hong Kong Limited says it censures Sunac China Holdings Ltd and two current executive directors, Sun Hongbin and Wang Mengde, for breaching the exchange listing rules and the director’s undertaking respectively
* Contracted sales amounted to RMB43.04 billion in September 2017 Source text for Eikon: Further company coverage: