On April 14, SINO-OCEAN Group Holding Co., Ltd. (referred to as “SINO-OCEAN GP”) released unaudited operational data for March 2026 and the first quarter. The figures show that in March 2026, SINO-OCEAN GP, together with its joint ventures and associates, achieved contracted sales of approximately RMB 1.42 billion, with a contracted floor area of about 93,600 square meters and an average selling price of around RMB 15,200 per square meter. For the January–March period, cumulative contracted sales amounted to roughly RMB 3.04 billion, with a total contracted floor area of about 212,000 square meters and an average selling price of approximately RMB 14,300 per square meter.
Notably, the release of these operational figures comes amid a series of recent developments concerning SINO-OCEAN GP, including debt defaults, legal disputes, and changes in senior management. On April 10, the company issued an announcement stating that, as of March 31, 2026, the total principal amount of overdue borrowings stood at RMB 17.19 billion. This involved various types of debt, such as bank loans, public market financing, and entrusted loans. During March, the amount of overdue borrowings increased by RMB 410 million. Specifically, overdue bank loans rose by RMB 440 million to a balance of RMB 5.04 billion, while overdue public market financing remained unchanged at RMB 3.39 billion.
The announcement also disclosed that in March 2026, SINO-OCEAN GP became involved in a new major lawsuit related to disputes with lending creditors, involving an amount of approximately RMB 1.87 billion. The company explicitly stated that these “defaults on due debts” and “ongoing litigation” would have an adverse impact on its production, operations, and debt repayment capacity.
Public information indicates that SINO-OCEAN GP currently has investments in 43 external enterprises and controls as many as 407 companies, including SINO-OCEAN Land Limited, SINO-OCEAN Sunshine Investment Development Co., Ltd., and Wuhan Yuanhui Real Estate Co., Ltd.
Since the beginning of 2026, operational pressures at SINO-OCEAN GP have continued to mount, accompanied by a steady stream of negative news. The company has recently been embroiled in multiple contract disputes, with defendants including SINO-OCEAN GP, Beijing Yuandong Xindi Real Estate Co., Ltd., Wuhan Yuanhui Real Estate Co., Ltd., Wuhan Hongsheng Yongtai Real Estate Co., Ltd., and Yuanyun Xinfei Data Technology (Chengdu) Co., Ltd., among nine entities in total.
At the same time, changes in the company’s senior management have drawn significant attention. On April 8, Zhou Chuanzhong stepped down from his position as director of Beijing SINO-OCEAN Holding Development Co., Ltd., and on April 9, he also formally resigned from his role as director of SINO-OCEAN GP.
According to Qichacha, SINO-OCEAN GP was established on June 12, 1993, with Wang Honghui serving as chairman. The company was listed on the Main Board of the Hong Kong Stock Exchange in 2007 (Stock Code: 03377.HK). Its business focus spans the entire industrial chain, including residential development, real estate development and operation, property services, and construction services, while also extending into elderly care services and data real estate.
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