In a separate statement, Sunac said its aggregated sales in March and April fell 65% from a year ago due to COVID-19 outbreaks in various cities, and its refinancing and asset disposal plans did not materialise after a series of rating downgrades earlier this year. The firm confirmed it missed the Wednesday deadline for a $29.5 million interest payment on the October 2023 bond that was required to be repaid last month, and it does not expect it will pay three other coupons due last month totalling $75.3 million before the 30-day grace periods expire, or pay other senior notes when they become due. Sunac said missing the October 2023 payment meant bondholders could seek the immediate repayment of the principal and interest but it had not received any "acceleration notices" from those holders.