Chinese Property Giants Sunac and Evergrande Seek Bankruptcy Protection in US
Sunac, one of China's leading property developers, has filed for bankruptcy protection in the United States, following approval from its creditors to restructure nearly $10 billion worth of debt. This comes after Evergrande, another major Chinese developer, made a similar filing a month ago. Sunac's filing may help the company negotiate with overseas lenders as it works to overhaul its debt. The success of Sunac's deal with overseas creditors could serve as a roadmap for other distressed developers. However, the core issue of the company's struggling business remains, despite recent policy support from Chinese policymakers.