Sunac’s shares surged 21% after the Chinese property developer announced that it has met the conditions for its debt restructuring plan. The plan involves the issuance of new notes in exchange for the discharge of existing debt. Sunac’s offshore debt restructuring plan was approved by creditors in September, which would convert the debt into convertible bonds backed by its Hong Kong-listed shares. China recently showed support for property developers and addressing local government debt issues. The real estate sector, which is a significant part of China’s market, has been struggling due to developer defaults and declining home sales.