HK Stock Market Move | SUNAC (01918) opened nearly 15% lower, faced with a petition for liquidation by creditors, a hearing is scheduled to be held on March 19th.

SUNAC (01918) opened nearly 15% lower, falling 14.86% to HKD 1.49 as of the time of writing with a trading volume of HKD 23.9875 million. On the news front, on January 9th, Interface News reported that according to judicial organization's website, China Cinda (Hong Kong) Asset Management Limited has filed a winding-up petition against SUNAC in Hong Kong, with a hearing scheduled for March 19. According to the relevant announcement, in November 2024, Sunac Real Estate added an overdue principal of RMB 3.236 billion, with a total overdue principal of RMB 115.5 billion as of November 30, 2024. Among them, bank loans overdue RMB 23.415 billion, non-bank financial institution loans overdue RMB 74.109 billion, and other interest-bearing debts overdue RMB 17.86 billion. According to SUNAC's disclosure on January 6, in December 2024, the group achieved a contract sales amount of approximately RMB 1.75 billion, a year-on-year decrease of 68.1%; the contract sales area was approximately 138,000 square meters, and the average contract sales price was approximately RMB 12,680 per square meter. In 2024, the group has accumulated a contract sales amount of approximately RMB 47.14 billion, a year-on-year decrease of 44.4%.