China Property Developer Sino-Ocean Bondholders Rejects $5.6 Billion Debt Restructuring Plan with a Creditor Group Taking Out a Full-Page Advertisement on Hong Kong Newspaper Challenging the Plan, Sino-Ocean Proposing 63% Average Haircut on Creditors Ranging from 34% Losses to 88% Losses, Sino-Ocean Received Winding-Up Petition in Hong Kong from BNY Mellon for Defaulting $400 Million Note Maturing in 2026, Current Market Value at $307 Million, Sino-Ocean Suspended all Offshore Debts Payment & Trading of 8 USD Bonds in 2023 September
16th August 2024 | Hong Kong
China property developer Sino-Ocean bondholders are rejecting the $5.6 billion debt restructuring plan with a creditor group taking out a full-page advertisement on a Hong Kong newspaper challenging the plan. Earlier in 2024 August, China bondholders owning more than 25% of USD-defaulted bonds had rejected the restructuring plan of 63% average haircut on creditors ranging from 34% losses to 88% losses. In 2024 July, Sino-Ocean had received a winding-up petition in Hong Kong from BNY Mellon for defaulting $400 million note maturing in 2026. Sino-Ocean current market value is at $307 million (16/8/24). In 2023 September, China property developer Sino-Ocean has suspended all offshore debts payment and trading of 8 USD bonds. Sino-Ocean is 30% owned by China Life Insurance. Sino-Ocean reported $13 billion of debt in 2023. In 2024 June, Sino-Ocean announced to sell all 65% shareholding in Beijing Chaoyang district office property project for $550 million, selling 50% to Sino-Ocean largest shareholder China Life Insurance and 15% to Swire Properties. Sino-Ocean has the first-right to buyback the shareholding. The Beijing project is co-developed by Sino-Ocean & Swire Properties.
“ China Property Developer Sino-Ocean Bondholders Rejects $5.6 Billion Debt Restructuring Plan with a Creditor Group Taking Out a Full-Page Advertisement on Hong Kong Newspaper Challenging the Plan, Sino-Ocean Proposing 63% Average Haircut on Creditors Ranging from 34% Losses to 88% Losses, Sino-Ocean Received Winding-Up Petition in Hong Kong from BNY Mellon for Defaulting $400 Million Note Maturing in 2026, Current Market Value at $307 Million, Sino-Ocean Suspended all Offshore Debts Payment & Trading of 8 USD Bonds in 2023 September “
China Property Developer Sino-Ocean Bondholders Owning More than 25% of USD-Defaulted Bonds Reject Restructuring Plan of 63% Average Haircut on Creditors Ranging from 34% Losses to 88% Losses, Sino-Ocean Received Winding-Up Petition in Hong Kong from BNY Mellon for Defaulting $400 Million Note Maturing in 2026, Current Market Value at $326 Million, Sino-Ocean Suspended all Offshore Debts Payment & Trading of 8 USD Bonds in 2023 September
2nd August 2024 – China property developer Sino-Ocean bondholders owning more than 25% of USD-defaulted bonds have rejected the restructuring plan of 63% average haircut on creditors ranging from 34% losses to 88% losses. In 2024 July, Sino-Ocean had received a winding-up petition in Hong Kong from BNY Mellon for defaulting $400 million note maturing in 2026. Sino-Ocean current market value is at $326 million (2/8/24). In 2023 September, China property developer Sino-Ocean has suspended all offshore debts payment and trading of 8 USD bonds. Sino-Ocean is 30% owned by China Life Insurance. Sino-Ocean reported $13 billion of debt in 2023. In 2024 June, Sino-Ocean announced to sell all 65% shareholding in Beijing Chaoyang district office property project for $550 million, selling 50% to Sino-Ocean largest shareholder China Life Insurance and 15% to Swire Properties. Sino-Ocean has the first-right to buyback the shareholding. The Beijing project is co-developed by Sino-Ocean & Swire Properties.
China Property Developer Sino-Ocean Receives Winding-Up Petition in Hong Kong from BNY Mellon for Defaulting $400 Million Note Maturing in 2026, Current Market Value at $317 Million, Sino-Ocean Suspended all Offshore Debts Payment & Trading of 8 USD Bonds in 2023 September, Sino-Ocean is 30% Owned by China Life Insurance, Sino-Ocean Reported $13 Billion of Debt in 2023
5th July 2024 – China property developer Sino-Ocean has received a winding-up petition in Hong Kong from BNY Mellon for defaulting $400 million note maturing in 2026. Sino-Ocean current market value is at $317 million (5/7/24). In 2023 September, China property developer Sino-Ocean has suspended all offshore debts payment and trading of 8 USD bonds. Sino-Ocean is 30% owned by China Life Insurance. Sino-Ocean reported $13 billion of debt in 2023. In 2024 June, Sino-Ocean announced to sell all 65% shareholding in Beijing Chaoyang district office property project for $550 million, selling 50% to Sino-Ocean largest shareholder China Life Insurance and 15% to Swire Properties. Sino-Ocean has the first-right to buyback the shareholding. The Beijing project is co-developed by Sino-Ocean & Swire Properties.
Sino-Ocean Group was founded in 1993 and has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since 2007(Stock Code: 03377.HK), with China Life Insurance Company Limited and Dajia Life Insurance Company Limited as major shareholders. Sino-Ocean Group has been included as a constituent of Hang Seng Composite Index (HSCI), Hang Seng Composite Industry Index — Properties and Construction, Hang Seng Stock Connect Hong Kong Index. After more than 30 years of development, Sino-Ocean Group has formed a well-established corporate governance structure and market-oriented operation mechanism, with a high-quality asset portfolio, a mature product-building system as well as an efficient and professional talent team.
China Property Developer Sino-Ocean to Sell All 65% Shareholding in Beijing Chaoyang District Office Property Project for $550 Million, 50% to Sino-Ocean Largest Shareholder China Life Insurance & 15% to Swire Properties, Sino-Ocean Has First-Right to Buyback Shareholding, Project is Co-Developed by Sino-Ocean & Swire Properties, Sino-Ocean Suspended all Offshore Debts Payment & Trading of 8 USD Bonds in 2023 September, Sino-Ocean is 30% Owned by China Life Insurance, Sino-Ocean Reported $13 Billion of Debt in 2023
14th June 2024 – China property developer Sino-Ocean has announced to sell all 65% shareholding in Beijing Chaoyang district office property project for $550 million, selling 50% to Sino-Ocean largest shareholder China Life Insurance and 15% to Swire Properties. Sino-Ocean has the first-right to buyback the shareholding. The Beijing project is co-developed by Sino-Ocean & Swire Properties. In 2023 September, China property developer Sino-Ocean has suspended all offshore debts payment and trading of 8 USD bonds. Sino-Ocean is 30% owned by China Life Insurance. Sino-Ocean reported $13 billion of debt in 2023. Sino-Ocean current market value is around $468 million (13/6/24), with share price increasing +14% YTD and -85% in the last 5 years.
China Property Developer Sino-Ocean Seeks 2 Month Interest Payment Grace Period from Bondholders of Note Maturing 19th October 2025, Submitted Filing to Hong Kong Exchange with Meeting Scheduled on 16th October 2023
14th October 2023- China property developer Sino-Ocean is seeking a 2 month interest payment grace period from bondholders of note maturing 19th October 2025, submitting the filing to Hong Kong Exchange with meeting scheduled on 16th October 2023. In September 2023, Sino-Ocean suspended all offshore debts payment and trading of 8 USD bonds. Sino-Ocean is 30% owned by China Life Insurance.
China Property Developer Sino-Ocean Suspends all Offshore Debts Payment & Trading of 8 USD Bonds, 30% Owned by China Life Insurance, Market Value of $564 Million with Share Price Decreasing 47.7% YTD in 2023
16th September 2023 – China property developer Sino-Ocean has suspended all offshore debts payment and trading of 8 USD bonds. Sino-Ocean is 30% owned by China Life Insurance, and has a market value of $564 million (HKEX, 15/9/23) with share price decreasing 47.7% YTD (year-to-date) in 2023. More info below:
Sino-Ocean on 15th September 2023 – Starting from the second half of 2021, the real estate sector in China has experienced significant changes and real estate developers have been confronted with unprecedented challenges with regard to liquidity and funding. Under these circumstances, the Group has responded in a proactive manner by continuously adopting measures, such as accelerating sales and cash collection, making progress with asset disposals and strictly controlling costs and expenses, in an effort to repay the debts. Since 2023, in the circumstances where the industry sales and financing environment have not been notably improved, the Group has experienced a rapid decline in contracted sales and increased uncertainty in asset disposals and has continuously faced limitations in various financing activities. In response to mounting liquidity pressures, the Group has been in active dialogues with its creditors and endeavoured to proactively manage its liabilities, including but not limited to conducting the consent solicitations in respect of the 2024 Notes, 2027 Notes and 2029 Notes (as defined hereinafter). Despite these efforts, the Group’s liquidity is still expected to be confronted with continuous challenges in the short-to-medium term.
Against the above backdrop, the Group believes the optimal path forward is a holistic restructuring of its offshore debts — one that ensures fair and equitable treatment to its creditors, provides a sustainable capital structure, and establishes a runway for the Group to stabilise its operations. To this end and in view of its tight liquidity position, after careful consideration by the Group, payments under all of its offshore debts (including the offshore USD securities as mentioned below) will be suspended until the holistic restructuring and/or extension solution(s) are implemented. The Group will continue to proactively negotiate with the relevant stakeholders of the Group, including banks, noteholders and financial institutions, to extend the maturity of and/or restructure the relevant offshore debts.
Sino-Ocean Group Holding
Sino-Ocean Group Holding Limited was founded in 1993 and has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since 28 September 2007 (Stock Code: 03377.HK), with China Life Insurance Company Limited and Dajia Life Insurance Company Limited as major shareholders. Sino-Ocean Group has been included as a constituent of Hang Seng Composite Index (HSCI), Hang Seng Composite Industry Index — Properties and Construction, Hang Seng Stock Connect Hong Kong Index .
With a strategic vision of being a “creator of building health and social value”, Sino-Ocean Group is committed to becoming a comprehensive company of the real economy with property development as its main business focus and property-related businesses as new frontiers of development. While focusing mainly on full-industry-chain services including residential development, property development and operation, property services and building construction, the Group also provides solutions for senior care, data real estate, logistics real estate and real estate finance. Sino-Ocean Group adheres to “Serving Users with Craftsmanship” and puts the the concept of “Building·Health” into active practice, striving to create a high-quality healthy lifestyle for users through carefully-crafted products and premium services.
To date, Sino-Ocean Group has developed and operated over 600 projects in more than 80 fast-growing cities in China. In residential development, Sino-Ocean Group practices its core philosophy of “Building Health” and has developed three main product series, namely Ocean Epoch, Grand Harmony and Landscape. In investment property development and operation, Sino-Ocean Group has successfully crafted a number of urban landmarks including Sino-Ocean Taikoo Li (Chengdu), INDIGO (Beijing), Ocean Plaza (Beijing) and China Life Financial Center (Beijing). In property services, Sino-Ocean Service has been listed on the Main Board of the Stock Exchange of Hong Kong Limited since late 2020 (Stock Code: 06677. HK) and ranked among China’s Top 100 Property Service Providers. In addition, Sino-Ocean Group has established various specialized design-build subsidiaries including Sino-Ocean Construction, Sino-Ocean Decor, Sino-Ocean Ecology and Sino-Ocean Mechatronics to provide high-quality, whole-chain services for the architecture and construction industry.
Since its founding, Sino-Ocean Group has been proactively fulfilling its corporate social responsibilities and has established the Sino-Ocean Charity Foundation in 2008, through which over RMB 546 million has been provided in support of social welfare initiatives, benefiting more than 260 cities across the nation. Releasing its first Social Responsibility Report as early as in 2010 and an independent Annual ESG Report in 2016, Sino-Ocean Group has been further awarded an MSCI ESG rating of AA and a GRESB rating for global real estate sustainabiliy – both the highest among Mainland China real estate counterparts – and is continuously leading the industry in sustainable development management. A well-recognized and reputed brand of great influence for its consistency in high-quality product and professional service offerings, Sino-Ocean is acknowledged as a Well-Known Trademark by the Trademark Office of the State Administration for Industry and Commerce in 2013, and awarded “Top 10 Chinese Real Estate Enterprises with Outstanding Brand Value” for a number of times.
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