In today’s briefing:
- Sunac Services (1516 HK): Positive Development From Debt Restructuring Of Parent Company
- China’s New List Of D-SIBs’ Capital Buffer Is Wearing Thin For Some
Sunac Services (1516 HK): Positive Development From Debt Restructuring Of Parent Company
- On September 21, a debt restructuring agreement was reached with debt holders of Sunac China, in which part of the agreement included Sunac Services shares.
- The debt restructuring for Sunac China should provide a positive feedback loop to the sentiment and fundamentals of Sunac Services.
- The core property management business (86% of sales) grew 8% yoy in 1H23, with total gross floor area growing by 12% yoy.
China’s New List Of D-SIBs’ Capital Buffer Is Wearing Thin For Some
- PBOC and NAFR included Bank of Nanjing in its latest D-SIBs list, increasing the total D-SIBs to 20
- 13 benchmarks were used to assess the D-SIBs using 1H23 data
- All D-SIBs fulfilled their additional capital requirements as of 1H23, but the buffer is wearing thin for some especially in view of the difficult economic environment
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