Sunac Unveils Plan to Restructure $9 Billion of Dollar Debt (1)

Sunac China Holdings Ltd. became one of the first major Chinese developers to unveil a debt restructuring plan, providing a potential roadmap for defaulted peers as they try to survive the nation’s unprecedented real estate crisis.

The company proposed to convert as much as $4 billion of its $9.1 billion in offshore debt into ordinary shares or equity-linked instruments, a Hong Kong stock exchange filing showed on Friday. The rest will be exchanged into new dollar bonds with maturities ranging from two to eight years. Interest payments won’t be made in the first two years.

China’s 10th-largest builder by contracted ...