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Major Chinese residential developer that defaulted on offshore debt in 2022 and has undergone debt restructuring.
Major Chinese residential developer that defaulted on offshore debt in 2022 and has undergone debt restructuring.
Sells apartments to buyers, historically often before they are finished, so it depended on buyers' deposits to fund construction, and weaker sales hit funding as well as revenue. In its debt restructuring, creditors received new debt instruments in place of the old.
In one line: A large distressed Chinese homebuilder in restructuring.
Moat: none. Highly leveraged developer with impaired brand and balance sheet post-default.
Headquarters: Tianjin, China · Founded: 1994 · Employees: 31,365
Size Sunac China (1918.HK) is a Hong Kong Real Estate company (Real Estate Development) with a market value of $1.06B, the 584th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$0.41 on 6 Nov 2026.
Performance Over six months the shares fell 63.6%, against -12.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 28.6% over the last twelve months (peer median -17.0%); the operating margin is -27.5% (peer median 1.9%).
Valuation It trades at 0.25× book value against a peer median of 1.19× (cheapest of 21).
Price implies The share price implies a return on equity of about 5.5%; Sunac China delivers -41.3%, so the price asks more than the business earns today.
Credit Sunac China has 2 bonds outstanding ($3.10B).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$48.2B | HK$50.9B | HK$82.8B | HK$174B | HK$118B |
| Revenue growth | — | -39% | -52% | +48% | — |
| Gross profit | HK$265M | HK$597M | HK$5.14B | HK$233M | HK$3.26B |
| EBITDA | -HK$9.92B | -HK$8.59B | -HK$7.75B | -HK$15.3B | -HK$13.4B |
| Net income | -HK$13.8B | -HK$13.4B | -HK$27.9B | -HK$8.81B | -HK$32.2B |
| Free cash flow | -HK$1.20B | -HK$3.47B | -HK$830M | -HK$30.9B | -HK$16.8B |
| Capital expenditure | HK$268M | HK$233M | HK$549M | HK$951M | HK$4.37B |
| Total debt | n/a | HK$259B | HK$326B | HK$335B | HK$370B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Sunac China 1918.HK | $1.06B | -64% | -29% | -41% | 0.25× | 5.5% |
| Country Garden 2007.HK | $853M | -49% | -42% | n/a | n/a | n/a |
| Longfor 0960.HK | $4.05B | -47% | -42% | 0% | 0.17× | 5.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1918.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -35.7% | +0.2% | 2nd lowest of 21 |
| 6-month return | -63.6% | -12.7% | 2nd lowest of 21 |
| Return on equity | -41.3% | 2.4% | 4th lowest of 20 |
| Price / book | 0.25× | 1.19× | cheapest of 21 |
| ROE the price implies | 5.5% | 9.9% | 3rd least demanding of 20 |
| ROE delivered | -41.3% | -0.3% | 3rd lowest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Sunac China 1918.HK | Hong Kong | $1.06B | -64% | -29% | -41% | 0.25× | 5.5% | -41.3% |
| Gemlife Communities GLF.AX | Australia | $1.05B | -9% | +8% | 5% | 1.43× | 18.0% | n/a |
| Mercialys MERY.PA | France | $1.05B | -15% | +3% | 5% | 0.60× | 7.7% | 5.1% |
| Marcus & Millichap MMI | United States | $1.05B | -9% | +12% | 2% | 1.82× | 17.8% | 2.4% |
| Hotel101 Global HBNB | United States | $1.07B | -29% | +1,178% | -69% | 62.23× | 212.0% | n/a |
| Token 1766.T | Japan | $1.07B | -1% | +5% | 12% | 1.20× | 6.6% | 12.1% |
| Black Peony (Group) 600510.SS | China | $1.04B | -37% | -24% | -5% | 0.71× | 9.9% | -4.8% |
| PLAZZA PLAN.SW | Switzerland | $1.08B | -4% | +6% | 10% | 1.08× | n/a | 9.9% |
| Beijing Capital Development 600376.SS | China | $1.04B | -41% | -35% | -197% | 237.80× | 1,928.7% | -197.2% |
| Zhuhai Zhumian 600185.SS | China | $1.08B | -27% | -49% | -148% | 273.59× | 1,984.1% | -148.0% |
| Cinda Real Estate 600657.SS | China | $1.08B | -19% | -44% | -32% | 0.49× | 4.9% | -31.6% |
| 5I5J 000560.SZ | China | $1.03B | -2% | -21% | 0% | 0.73× | 7.4% | -0.3% |
| Ichigo 2337.T | Japan | $1.09B | -13% | -17% | 14% | 1.48× | 7.4% | 14.4% |
| Vivenio Residencial SOCIMI YVIV.MC | Spain | $1.09B | -1% | +34% | 6% | 0.80× | 5.1% | n/a |
| Shenzhen Kingkey Smart Agriculture Times 000048.SZ | China | $1.10B | -7% | -17% | -22% | 2.14× | 13.5% | -22.0% |
| AEDAS Homes AEDAS.MC | Spain | $1.10B | +1% | -25% | 6% | 1.17× | 7.9% | 6.5% |
| China Sports Industry 600158.SS | China | $1.01B | -41% | 0% | -8% | 2.81× | 16.0% | -7.9% |
| Fermi FRMI | United States | $1.01B | -70% | n/a | n/a | 0.97× | 16.5% | n/a |
| Cibus Real Estate AB (publ) CIBUS.ST | Sweden | $1.11B | -12% | +20% | 9% | 1.03× | 8.6% | 8.9% |
| Shanghai AJ 600643.SS | China | $1.00B | -12% | -41% | -16% | 0.66× | 6.2% | -15.7% |
| Signatureglobal (India) SIGNATURE.NS | India | $1.11B | -17% | -23% | 85% | 5.68× | 106.1% | n/a |
Sunac China has 2 bonds outstanding with $3.10B face value.