HK Stock Market Move | SUNAC (01918) falls over 3%, notifying creditors may not be able to repay USD bonds on time, last year's sales decreased by 40%

SUNAC (01918) continued to drop by over 3% this morning after yesterday's 14% plunge, with the stock price hitting 1.85 Hong Kong dollars, reaching a new low since the end of September last year. As of the time of writing, it has dropped by 3.14% to 1.85 Hong Kong dollars with a trading volume of 2.31 billion Hong Kong dollars. In terms of news, SUNAC announced that in December 2024, the group achieved contract sales of approximately 1.75 billion Chinese yuan, a decrease of 68.1% year-on-year; the contract sales area was approximately 138,000 square meters, with an average contract selling price of about 12,680 Chinese yuan per square meter. In 2024, the group accumulated contract sales of approximately 47.14 billion Chinese yuan, a decrease of 44.4% year-on-year. There are also market reports that SUNAC has notified some of its US dollar bondholders that it may not be able to repay the bonds before the September deadline. The report indicates that as of now, the domestic bond restructuring plan proposed by Rongchuang in November last year has received full support from 8 bondholders, but to implement this plan, it still needs the consent of all 10 domestic bondholders.