Sunac is latest Chinese developer to face liquidity woes as its Shaoxing unit struggles to collect US$619 million in sales proceeds

A local subsidiary of Sunac China Holdings, one of China’s most heavily indebted property developers, has come under liquidity pressure, as it was prevented from collecting sales revenues by the government’s market-cooling measures.Sunac’s unit in the Zhejiang provincial city of Shaoxing has had to wait for local authorities to register the titles of its apartments, preventing the developer from collecting more than 4 billion yuan (US$619 million) in sales proceeds, according to sources…

Sunac is latest Chinese developer to face liquidity woes as its Shaoxing unit struggles to collect US$619 million in sales proceeds
A local subsidiary of Sunac China Holdings, one of China’s most heavily indebted property developers, has come under liquidity pressure, as it was prevented from collecting sales revenues by the government’s market-cooling measures.Sunac’s unit in the Zhejiang provincial city of Shaoxing has had to wait for local authorities to register the titles of its apartments, preventing the developer from collecting more than 4 billion yuan (US$619 million) in sales proceeds, according to sources…