Chinese Property Woes Deepen as Sino Ocean Suspends Debt Payments

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

cnn.com

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Posted 9/15/2023, 7:10:00 AM