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ABC News
ABC News
Business
business reporter Samuel Yang

Chinese developer Sunac defaults as Beijing struggles to save the trillion-dollar sector

Sunac China Beijing Sun Hongbin ANZ Research Bonds Evergrande United States
Chairman of Sunac Sun Hongbin says his dream is to "keep Sunac steady, calm and long-lasting". (Reuters)

About a year ago, Chinese billionaire Sun Hongbin was certain that his luxury real estate company Sunac China would never "bomb".

Last week, his firm — China's third-largest developer — defaulted, missing the deadline for coupon payments on a $US742 million ($1.1 billion) offshore bond.

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