Sunac turns to equity to reduce debt

Heavily-indebted property developer capitalises on share price surge to raise $516 million from top-up placement.

Sunac turns to equity to reduce debt

Sunac China Holdings has taken advantage of its skyrocketing share price to execute a HK$4 billion $516 million top-up placement that has raised much-needed capital to reduce its leverage after a series of high-profile acquisitions that have greatly expanded its landbank. 

The Tianjin-headquartered property developer sold 220 million shares overnight on Monday and was met with decent demand topping $1 billion according to sources familiar with the situation.

The...

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