It was the first major Chinese property developer to win such approval, according to Sandra Chow, co-head of Asia Pacific research at CreditSights, a credit market research firm. Weng lei/Imaginechina/APĬhina property woes deepen as a big developer suspends debt payments The company partners with Meridian Senior Living LLC, a US senior living provider- to bring in the "Validation" therapy created by Naomi Feil, to help seniors who suffer from Alzheimer's disease or other dementia-related illnesses. The company's senior living communities feature elaborate interior design that aims to protect residents from potential injuries and professional services customized in accordance with residents' varied health conditions. Providing professional senior-care service is our core business," Li said. "Though our company is known as a real estate developer, our senior living projects provide much more than living space for the senior. Another two projects have been launched in Beijing since then. In August 2013, Sino-Ocean Land, partnering with the US's largest assisted living provider, Emeritus Corp, opened its first high-end senior living community on the outskirts of Beijing. "Sino-Ocean Land will launch its fourth senior living project in Beijing before the end of this year," Li Jianbo, the company's vice president, said on Thursday (6 August 2015). FILE-A Chinese homebuyer visits the stand of Sino-Ocean Land Holdings Ltd during a real estate fair in Shanghai, China, 15 March 2013.China's high-end senior living market is expected to prosper, said the top management of Sino-Ocean Land Holdings Ltd, a Hong Kong-listed real estate developer. Its success in securing a deal with overseas creditors could provide a roadmap for other distressed developers to get back on their feet. But before it defaulted in 2022, it was the third largest. Sunac was China’s 10th largest property developer in August by contracted sales, according to CreditSights. On Monday, the company said in a Hong Kong stock exchange filing that it had won approval from more than 2,000 creditors to restructure some $9.9 billion in debt and interest payments owed to investors outside China. The process allows the court to step in when an insolvency case involves another country, and it is intended to help promote cooperation between US courts, debtors and other jurisdictions involved in cross-border bankruptcy proceedings.Įntering the process may help Sunac China negotiate with overseas lenders as it works to overhaul its debt. It’s the second big distressed Chinese developer in weeks to seek such protection: Evergrande made a Chapter 15 filing in the United States a month ago, after posting losses of $81 billion in the last two years. The company filed a petition for Chapter 15 protection with the US Bankruptcy Court for the Southern District of New York on Tuesday. One of China’s leading property developers, Sunac, has filed for bankruptcy protection in the United States, shortly after winning approval from its creditors to restructure nearly $10 billion worth of debt.
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