Company's security top priority: Sunac chairman

Updated 2017-07-25 10:15:11 Global Times

Shares of Sunac China Holdings, a Tianjin-based residential property developer, closed up 1.82 percent on Monday at HK.9 (.68) per share.

In response to public concerns over Sunac's debt and cash flow situations, Chairman Sun Hongbing said in his Weibo account on Sunday that there is no need to worry too much about Sunac.

"First, our business failed before due to a lack of cash flow and we know its significance. We attach great importance to cash flow and place the company's security as top priority," Sun wrote.

He said that the company will not buy land in the public market after October and will wait for merger and acquisition opportunities. "We know when to advance and when to retreat, and no one will be more resolute than us in giving up on certain things."

Sun noted that the company has strategies and will put them into action, and he and his team are always at the front to deal with challenges.

Sun took over China's cash-strapped Internet conglomerate Leshi Internet Information & Technology as chairman from founder Jia Yueting on Friday. He invested 15 billion yuan (.2 billion) in LeEco earlier this year.

Dalian Wanda Group on Wednesday sold 91 percent equity in 13 tourism projects to Sunac for about 44 billion yuan.

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