Chinese Property Woes Deepen as Sino Ocean Suspends Debt Payments
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Major Chinese property developer Sino Ocean has suspended offshore debt payments and embarked on debt restructuring due to liquidity issues.
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Sino Ocean cites declining contracted sales and uncertainty in asset disposals as reasons for its liquidity pressures.
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The announcement adds to concerns over China's property sector, as Country Garden recently also suspended bond trading for potential restructuring.
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Data shows property investment and sales in China dropped significantly in the first 8 months of 2022 compared to 2021.
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Ratings agency Moody's has downgraded its outlook for China's overall property sector, citing weakening residential sales and continued uncertainty.
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