Sunac China’s shares rose after it reached a deal to restructure around $2 billion in onshore debt, becoming the first Chinese property developer to do so as the country’s real-estate crisis drags on.

Developer Sunac China Holdings secured approval for the restructuring of its onshore debt, a move that participants in the property market hailed as good news for China’s beleaguered real estate sector.

Sunac China Holdings Ltd. became a model for the country’s defaulted developers by clinching the sector’s first major offshore debt restructuring deal. Now its problems are mounting again.

SUNAC (01918.HK) opened 6.6% higher today (22nd) and peaked at $1.8 in the early session. It last traded at $1.78, up 7.23%, on a volume of 53.1256 million shares, involving $94.5327 million. SUNAC announced that the restructuring plans of the ten bonds of Sunac Real Estate,

(Reuters) -Sunac China on Tuesday emerged as the first embattled Chinese property developer to successfully cut down on its onshore debt, after it said holders of all ten bonds had accepted its restructuring proposal.