In other news from China real estate, state-backed Sino-Ocean
is said to be in discussions with holders of an RMB 1bn ($148mn) bond issued by an affiliate Sino-Ocean Capital about potential repayment demands, as noteholders have an option to seek early repayment next month. As per Bloomberg, a Sino-Ocean representative said that it did not provide any guarantee for the Sino-Ocean Capital bonds. The parent indirectly owns 49% of the affiliate. The developer’s bonds took a beating
last week, with bonds due 2024 and beyond now at 20-30 cents on the dollar.