On June 28, Sunac China (01918.HK) announced that it plans to raise US$350 million to refinance existing debt.
The announcement stated that on June 25, Sunac China acted as the borrower and certain subsidiaries of Sunac China acted as the guarantors of the subsidiary companies, and the Hongkong and Shanghai Banking Corporation Limited, Hang Seng Bank Co., Ltd., Morgan Stanley, Chong Hing Bank Co., Ltd. and China CITIC Bank (International) Co., Ltd. acted as lenders, and The Hongkong and Shanghai Banking Corporation Limited acted as financing agents to enter into a financing agreement with a maximum amount of 3.5 Billion US dollars (or its equivalent) in financing. The financing period is 36 months from the date of the financing agreement, and the financing proceeds will be used to refinance the existing debt of Sunac China Group. 
According to the financing agreement, if the chairman of the board of directors of Sunac China Hongbin Sun, his family members, family trusts and their respective related parties no longer collectively and beneficially hold (whether directly or indirectly through any person) 30% or more of Sunac China’s issued share capital; the holders no longer jointly control Sunac China; or Sun Hongbin ceases to be the chairman of Sunac China’s board of directors, the financing agent will follow the instructions of most lenders by giving advance notice to Sunac China to cancel the financing under the financing agreement and announce all outstanding loans together with accrued interest And other payables are due and payable immediately.
Sunac China has been slightly positive in terms of centralized land supply in 22 cities recently.
Statistics from the Crane Research Center show that in the first five months of this year, Sunac China’s new land value was 174.69 billion yuan, and the new land area was 9.473 million. Square meters, the newly added land value is 95.88 billion yuan.
According to the information previously disclosed by Sunac China, the company’s accumulated contracted sales amount in the first five months was approximately 241.82 billion yuan, a year-on-year increase of 72%, and the cumulative contracted sales area was approximately 1,664 10,000 square meters, and the average contracted sales price is about 14,530 yuan/square meter.
Although at Sunac China’s 2020 performance meeting, the company’s management did not disclose its sales target for 2021. However, according to the information previously learned by the news (www.thepaper.cn), Sunac China’s sales target for 2021 is at least 640 billion yuan. Based on this calculation, Sunac China has now completed 37.7% of the target.
As of June 25, Sunac China reported 27.45 Hong Kong dollars per share, a decrease of 0.72%, with a total market value of 128.3 billion Hong Kong dollars.