Sunac

Chinese property developer

Beijing, China (general office 1)
Tianjin, China (general office 2)
Cayman Islands (registered office)

Area served

China

Key people

Sun Hongbin (Chairman)

Number of employees

24,105Chinese nameSimplified Chinese融创中国控股有限公司Traditional Chinese融創中國控股有限公司

Transcriptions

Websitewww.sunac.com.cn

Sunac China Holdings Limited, or Sunac (Chinese: 融创; pinyin: Róngchuàng), is a major property developer headquartered in Tianjin, China. The company focuses on large-scale, medium to high-end property developments. It does not only focus on its home market of Tianjin, but also has operations in Beijing, Chongqing, Wuxi and other cities.^[1]

In July 2017, Sunac reached a $9.3 billion deal to buy Dalian Wanda's tourism projects and hotels, forming the second-biggest real estate deal ever in China at the time.^[2]

History

Sunac was founded in 2003 in Tianjin by Sun Hongbin, previously the founder, chairman, and CEO of Sunco Group. It was listed on the Hong Kong stock exchange on 7 October 2010^[3] with the IPO price of HK$3.48 per share.^[4]

In July 2017, Sunac acquired 13 tourism projects from Dalian Wanda for US$6.6 billion^[5] The company also acquired a stake in Chinese streaming service le.com in 2017.

In March 2020, the company reported profits of $3.7 billion in 2019, an increase of 57% from the previous year.^[6]

In April 2022, Sunac was among stocks that were suspended from trading after missing the deadline to report annual results, due to the 2020–2023 Chinese property sector crisis.^[7]

In September 2023, Sunac filed for Chapter 15 bankruptcy.^[8]

Corporate affairs

The company has an office in One Central (使馆壹) in Dongcheng District, Beijing, and one in Magnetic Plaza (奥城商业广场) in Nankai District, Tianjin.^[9]

References

^ "Sunac China Holdings Ltd (1918.HK)".
^ "Sunac China's shares soar as $9.3 billion Wanda property deal seen as positive". Reuters. Retrieved 2017-07-14.
^ "SUNAC CHINA HOLDINGS LTD. (1918)". Hong Kong Exchanges and Clearing. Retrieved 17 April 2019.
^ Wills, Ken, ed. (30 September 2010). "Sunac raises $337 million on HK IPO". Reuters. Hong Kong. Retrieved 17 April 2019.
^ Ho, Jane (2017-11-15). "China's Richest 2017: Property Developers Have A Banner Year". Forbes Asia. Retrieved 2018-10-02.
^ "Sunac China Defies Downturn, Reports 57% Leap in Profit for 2019". Mingtiandi. 2020-03-27. Retrieved 2020-10-08.
^ Winters, Patrick (April 1, 2022). "Stocks Suspended; Home Sales Slump Deepens: Evergrande Update".
^ "Sunac China Holdings Files for Chapter 15 in New York Court". Bloomberg. September 19, 2023. Retrieved September 19, 2023.
^ "Contact". Sunac. Retrieved 2022-11-02. Beijing Add Address：Building 4, One Central, No.8,Dongzhimen North Street,Dongcheng District,Beijing[...]Zip code：100007[...]Tianjin Add Address：10/F, Building C7, Magnetic Plaza, Binshuixi Road, Nankai District, Tianjin[...]Zip code：300381 - Addresses in Chinese: "北京办公区地址：北京市东城区东直门北大街8号使馆壹号院4号楼 [...] 邮编：100007 [...] 天津办公区地址：天津市南开区宾水西道奥城商业广场C7-10层"