SUNAC's meteoric rise came crashing down in 2021, when the company's massive debt burden began affecting its ability to deliver. That Shanghai development fell into a lockout. Cash flow problems rippled across the project, stalling construction and leaving unpaid relocation expenses for families displaced by construction. Then came the breaking point: in May 2022, SUNAC defaulted on a dollar-bond coupon payment, one of the largest defaults in China's property market at the time.