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Sunac
Chinese property developer From Wikipedia, the free encyclopedia
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Sunac China Holdings Limited, or Sunac (Chinese: 融创; pinyin: Róngchuàng), is a major property developer headquartered in Tianjin, China. The company focuses on large-scale, medium to high-end property developments. It does not only focus on its home market of Tianjin, but also has operations in Beijing, Chongqing, Wuxi and other cities.[1]
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In July 2017, Sunac reached a $9.3 billion deal to buy Dalian Wanda's tourism projects and hotels, forming the second-biggest real estate deal ever in China at the time.[2]
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History
Sunac was founded in 2003 in Tianjin by Sun Hongbin, previously the founder, chairman, and CEO of Sunco Group. It was listed on the Hong Kong stock exchange on 7 October 2010[3] with the IPO price of HK$3.48 per share.[4]
In July 2017, Sunac acquired 13 tourism projects from Dalian Wanda for US$6.6 billion[5] The company also acquired a stake in Chinese streaming service le.com in 2017.
In March 2020, the company reported profits of $3.7 billion in 2019, an increase of 57% from the previous year.[6]
In April 2022, Sunac was among stocks that were suspended from trading after missing the deadline to report annual results, due to the 2020–2023 Chinese property sector crisis.[7]
In September 2023, Sunac filed for Chapter 15 bankruptcy.[8]
In January 2025, China Cinda (HK) Asset Management filed a winding-up petition over Sunac’s failure to repay a loan of US$30 million.[9] The petition could lead to other creditors demanding accelerated payments or enforcement actions.
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Corporate affairs
The company has an office in One Central (使馆壹) in Dongcheng District, Beijing, and one in Magnetic Plaza (奥城商业广场) in Nankai District, Tianjin.[10]
References
External links
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