Sunac China Holdings Limited SNCNF became the first Chinese property developer to successfully manage to restructure its debt after a Hong Kong court declared that the company could go ahead with the $10.2 billion debt reorganization. The approval comes on the back of a 98% approval vote by Sunac's creditors two weeks ago. About $5.7 billion of the delinquent bonds are expected to be replaced by new dollar-denominated convertible debt in Sunac.