Sunac Wins Court Approval for Offshore Debt Restructuring (1)

Sunac China Holdings Ltd. won court approval for its multibillion-dollar offshore debt restructuring plan, clearing the last key hurdle for it to become the country’s first major developer to overhaul such liabilities.

Hong Kong Judge Jonathan Harris’ sign-off Thursday sets Sunac apart from major industry peers including China Evergrande Group. still struggling to find a viable debt-restructuring road map as an unprecedented housing crisis unfolds. Sunac shares jumped as much as 12%, adding to a sector-best rally in which the stock has soared 140% since the start of September.

The court ruling occurred 17 months after Sunac, which was China’s ...