The share slump comes a day after the company said in a statement to the Hong Kong stock exchange that it was to resume trading and was implementing a debt restructuring plan.

Shares were down by nearly 60% in pre-market trading but trimmed losses after the market opened.

Sunac is among many Chinese developers that defaulted last year as the property sector reeled under a debt crisis.

Over the last two years, property firms in China have struggled to sell new houses or have sold them at lower prices than expected. Beijing began rolling out supportive policies late last year as a result.

Sunac said in late March that it had reached agreements with a group of offshore creditors to convert its debt into new notes and convertible bonds backed by its Hong Kong-listed shares and shares in its property management unit Sunac Services.

Sunac published its overdue 2022 interim results last month, showing a core loss of 11.06 billion yuan ($1.61 billion).

($1 = 6.8730 Chinese yuan)

(Reporting By Donny Kwok, Anne Marie Roantree and Xie Yu; Editing by Jacqueline Wong and Jamie Freed)