Sunac China Holdings Limited

10/F, Building C7, Magnetic Plaza, Binshuixi Road, Nankai District, Tianjin, 300381, China

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About Sunac China Holdings Limited

Summary

Sunac China Holdings Limited, headquartered in Tianjin, is a major Chinese property developer focusing on large-scale, medium to high-end developments. Founded in 2003 by Sun Hongbin, former founder, chairman, and CEO of Sunco Group, Sunac has expanded operations beyond Tianjin to cities including Beijing, Chongqing, and Wuxi. The company was incorporated in the Cayman Islands and listed on the Main Board of the Hong Kong Stock Exchange on 7 October 2010 at an IPO price of HK$3.48 per share.

Sunac’s business spans real estate development, property management, ice and snow operation management, cultural tourism, and related sectors. It positions itself as a comprehensive urban developer and integrated industrial operator, with notable activities in cultural and tourism property ownership and operations.

In July 2017, Sunac acquired 13 tourism projects and hotels from Dalian Wanda for US$6.6 billion, one of China’s largest real estate transactions at the time, and purchased a stake in Chinese streaming platform Le.com. In 2019, the company reported profits of US$3.7 billion, up 57% from the previous year.

However, the 2020–2023 Chinese property sector crisis significantly impacted the business. In April 2022, Sunac’s shares were suspended from trading after it missed the deadline for annual results. In September 2023, it filed for Chapter 15 bankruptcy in the United States. In January 2025, China Cinda (HK) Asset Management filed a winding-up petition against Sunac over an unpaid US$30 million loan, potentially triggering further creditor actions.

The Group operates offices in One Central, Beijing, and Magnetic Plaza, Tianjin. Its stated mission is to provide quality living environments for Chinese families by integrating high-quality resources, maintaining product leadership and innovation, and fulfilling its social responsibilities. Over two decades, it has become one of China’s notable real estate and tourism property operators.

History

Sunac China Holdings Limited was founded in 2003 in Tianjin, China, by Sun Hongbin, who had previously established, and served as chairman and chief executive officer of, Sunco Group. From its inception, the company focused on large-scale, medium to high-end property developments, primarily in its home market of Tianjin, but it later expanded its operations to other major Chinese cities, including Beijing, Chongqing, and Wuxi.

In 2010, the company was incorporated in the Cayman Islands as a limited liability company and listed its shares on the Main Board of the Hong Kong Stock Exchange. The initial public offering took place on 7 October 2010, with an issue price of HK$3.48 per share. This listing enabled the company to raise capital to support its expansion and diversification strategies.

In July 2017, Sunac entered into one of China’s largest real estate transactions to date, agreeing to acquire 13 cultural and tourism projects and hotels from Dalian Wanda for US$6.6 billion. This acquisition marked a major expansion into the cultural tourism and leisure property sectors. During the same year, Sunac also acquired a stake in the Chinese online video streaming service Le.com (LeTV), broadening its investment portfolio beyond traditional real estate.

By 2019, Sunac had achieved significant financial growth. In March 2020, the company reported that it had earned profits of US$3.7 billion in 2019, representing a 57 per cent increase from the previous year. Its business operations included real estate development, property management, ice and snow operation management, cultural tourism, and other related sectors, positioning itself as a comprehensive urban developer and integrated industrial operator.

The company’s growth trajectory was affected by the 2020–2023 Chinese property sector crisis. On 1 April 2022, Sunac’s shares were suspended from trading on the Hong Kong Stock Exchange after the company failed to meet the deadline for reporting its annual financial results.

In September 2023, Sunac filed for Chapter 15 bankruptcy protection in the United States, a move aimed at facilitating the restructuring of its offshore debts. The financial difficulties continued into 2025, and in January of that year, China Cinda (HK) Asset Management filed a winding-up petition against Sunac for its failure to repay a loan of US$30 million. The petition raised the possibility of other creditors seeking accelerated repayment or initiating enforcement actions.

As of 2025, Sunac maintains offices in One Central in Beijing’s Dongcheng District and in Magnetic Plaza in Tianjin’s Nankai District, continuing to operate across its multiple business segments.

Sunac China Holdings Limited’s notable recognitions include two prestigious awards at the IFR Awards 2023: the “Asia‑Pacific Restructuring” award and the “Turnaround Deal” award for its US 10.2 billion‑dollar offshore debt restructuring, as recognised by International Financing Review.

Portfolio

Sunac China Holdings Limited has a diversified portfolio that spans real estate development, cultural tourism, property management, and related sectors. In real estate development, the company operates across multiple tier-1 and tier-2 cities in China, including Tianjin, Shanghai, Beijing, Chongqing, Wuxi, and Suzhou. Its developments include high-rise residential towers, detached villas, townhouses, retail properties, and office buildings. Many of these projects are designed as large-scale mixed-use developments that combine residential, commercial, and recreational facilities.

In the cultural tourism sector, Sunac expanded significantly following its 2017 acquisition of Dalian Wanda’s tourism projects. This portfolio includes major integrated resort and theme park developments. The Guangzhou Sunac Land Resort, which opened in June 2019, comprises Sunac Land theme park, Sunac Snow Park, Sunac Water Park, and Sunac Sports Park.

Nanchang Sunac Land, launched on 28 May 2009, was the company’s first theme park and features several large roller coasters, including Coaster Through The Clouds, Python in Bamboo Forest, and Soaring Dragon & Dancing Phoenix. The Hangzhou Bay Sunac Tourism City, formerly known as Six Flags Zhejiang, was taken over by Sunac in June 2020.

The project’s existing water park was rebranded as Sunac Water Park and opened in June 2021, with additional developments, including an indoor ski slope named Sunac Snow World, initially planned but later delayed or halted.

Sunac’s property management activities are carried out through its Sunac Services division. This business covers the management of high-end residential communities, standard residential developments, commercial properties, office buildings, and large urban complexes.

Sunac Services is recognised as a permanent member of the China Property Management Association and operates with a focus on delivering comprehensive management solutions to its clients.

The company also engages in other related sectors under its strategic “Real Estate Plus” approach. These include ice and snow operation management, which encompasses indoor ski resorts and winter sports facilities, and culture and entertainment investments through the Sunac Culture & Tourism Group and Sunac Culture Group. These cultural operations involve activities such as film and television production, cultural park development, and related enterprises.