HONG KONG, April 13 Reuters Chinese property developer Sunac China Holdings Ltd lost more than half its market value on Thursday after resuming trade following a suspension of more than a year, having released results and agreed a debt restructuring.

The share slump came 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 fell nearly 60 to as low as HK1.86, their lowest since January 2012 , and ended the day at HK2.04, still down 55.5 erasing HK13.84 billion 1.8 billion from the group39;s market value.

The stock was catching up with the decline in the property sector during the year of suspension, said Steven Leung, a sales director at UOB Kay Hian.

It39;s a good sign that the company could resume trading as it suggested that the company is able to meet the required criteria for a trading resumption, he added.

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 homes 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 it had reached agreements with a group of offshore creditors to convert its debt into new notes and convertible bonds backed by its Hong Konglisted shares and shares in its property management unit Sunac…