Sunac China (01918.HK) Hong Kong Stock Hot Stock Analysis: Dual Drivers of Debt Restructuring Clearance and Industry Recovery

Sunac China (01918.HK), as a leading real estate developer in China, has recently joined the ranks of hot stocks in Hong Kong. The core driving factors include:

1. Debt Restructuring Milestone
   : Approved by the Hong Kong High Court on November 5, 2025, it completed a US$9.6 billion overseas debt restructuring and became the first large domestic real estate enterprise to basically clear its overseas debt. After restructuring, the debt repayment pressure is expected to decrease by nearly RMB 60 billion, saving billions of yuan in annual interest expenses, and the financial structure has been significantly optimized [0,4,5].
2. Favorable Policy Environment
   : The 2025 government work report clearly stated the goal of “stabilizing the property market”, and real estate policies continue to be loose, providing strong support for industry recovery, which is beneficial for leading real estate enterprises to benefit first [0,7].
3. Outstanding Sales Performance
   : The Shanghai One Mansion project sold out five times in five launches, with cumulative sales exceeding RMB 22 billion, becoming the first benchmark project in the country with single-project sales exceeding RMB 10 billion; the company focuses on high-end products in core first- and second-tier cities, with an average sales price of about RMB 31,700 per square meter, and its product strength has been highly recognized by the market [0].
4. Market Performance
   : In 2025, the stock price fluctuated between HK$1.2 and HK$1.8, with a 52-week range of HK$0.90 to HK$5.51. As of September 2025, the market capitalization was about HK$19.73 billion, with active trading and an average 3-month trading volume of about 288 million shares [0].

• Industry Benchmark Effect
  : As the first large real estate enterprise to clear overseas debt, Sunac China has seized the opportunity for industry recovery in the “post-risk clearance” era and provided a reference template for other real estate enterprises’ debt restructuring [0,5].
• Financial and Business Resonance
  : After relieving debt pressure, the company can concentrate resources on core business expansion, and its high-end market share is expected to further increase under policy dividends [0,7].
• Market Confidence Restoration
  : The success of debt restructuring and sales highlights have jointly restored investor confidence and promoted an increase in stock trading activity [0].

• Opportunity Window
  : After optimizing the debt structure, the company’s financing costs are expected to decrease, and industry recovery under policy support will drive sales growth; the continuous efforts of the high-end product matrix are expected to consolidate market position [0,7].
• Potential Risks
  : The company is still in a loss state, and profit improvement needs time to verify; there are uncertainties in the pace of industry recovery, and fierce market competition may affect profit margins [0].

Sunac China has achieved financial relief through debt restructuring, coupled with loose policies and excellent sales performance, and has recently become the focus of the Hong Kong stock market. As a benchmark enterprise for debt clearance in the industry, its future development is worthy of attention, but investors need to rationally view short-term market enthusiasm and make judgments based on the company’s long-term profit improvement ability and the overall recovery process of the industry [0,4,7].