Sunac

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]

Not to be confused with Sunak or Sumac.
Sunac China Holdings Limited
Native name
融创中国控股有限公司
Typepublic
SEHK: 1918
IndustryReal estate
Founded2003
FounderSun Hongbin
Number of locations
  • 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
24,105
Chinese name
Simplified Chinese融创中国控股有限公司
Traditional Chinese融創中國控股有限公司
Websitewww.sunac.com.cn

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
  1. "Sunac China Holdings Ltd (1918.HK)".
  2. "Sunac China's shares soar as $9.3 billion Wanda property deal seen as positive". Reuters. Retrieved 2017-07-14.
  3. "SUNAC CHINA HOLDINGS LTD. (1918)". Hong Kong Exchanges and Clearing. Retrieved 17 April 2019.
  4. Wills, Ken, ed. (30 September 2010). "Sunac raises $337 million on HK IPO". Reuters. Hong Kong. Retrieved 17 April 2019.
  5. Ho, Jane (2017-11-15). "China's Richest 2017: Property Developers Have A Banner Year". Forbes Asia. Retrieved 2018-10-02.
  6. "Sunac China Defies Downturn, Reports 57% Leap in Profit for 2019". Mingtiandi. 2020-03-27. Retrieved 2020-10-08.
  7. Winters, Patrick (April 1, 2022). "Stocks Suspended; Home Sales Slump Deepens: Evergrande Update".
  8. "Sunac China Holdings Files for Chapter 15 in New York Court". Bloomberg. September 19, 2023. Retrieved September 19, 2023.
  9. "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"
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