The firm’s stocks collapsed as much as 59% on its first day of trading on the Hang Seng Index, after being suspended on April 1 last year.

The drop has revived concerns about China’s debt-plagued real estate developers and a hobbling housing market recovery.

Sunac joined the growing list of crumbling developers in May last year when it said it had missed a US$29.5 million interest payment and warned of more defaults.

Trading in the firm was suspended after it missed a deadline in March last year to publish its annual results.

But the restriction was lifted today after Sunac met exchange requirements by filing the overdue earnings figures.

Sunac proposed plans to restructure debt worth US$9.1 billion in December that included converting up to US$4 billion of offshore liabilities into ordinary shares or equity-linked instruments.

The rest of the debt was to be swapped for new dollar-denominated bonds with maturities ranging from two to eight years, with no interest payments for the first two years, according to a filing with the Hong Kong stock exchange.

In March, the developer announced it had reached an agreement with a group of creditors but analysts were sceptical about the plan, saying Sunac would struggle to win approval from offshore creditors.

Since 2020 Beijing has cracked down on excessive debt in the property sector, leaving major players such as Evergrande and Sunac struggling to make payments and forcing them to renegotiate with creditors as they teetered on the edge of bankruptcy.

The crisis deepened in 2022 after buyers across the country, furious at lagging construction and delayed deliveries of their properties, withheld mortgage payments for homes sold before completion.