Chinese Developers Begin New Year With Deepening Debt Woes (2)

Chinese property developers are starting 2025 facing liquidation petitions, sliding share prices and mountains of debt, as the nation’s real estate crisis enters its fifth year with little sign of improvement.

On Friday morning, shares of defaulted Chinese builder Sunac China Holdings Ltd. fell as much as 30% in Hong Kong, the most since Oct. 8. That was after the company, a white knight to a major peer a few years back, received another winding-up petition.

Sunac, whose projects including high-end residential complexes in Beijing, restructured its offshore debt in 2023, but has been hit by concerns about its ability ...