Sino-Ocean's bond repayment extension approved by holders

Reuters01-26

BEIJING, Jan 26 (Reuters) - China's state-backed Sino-Ocean Group said on Friday in a filing the holders of seven onshore bonds and three asset-backed securities products worth a combined 18.3 billion yuan ($2.55 billion) have approved a plan to delay repayments again.

The Beijing-based property developer said earlier this month it planned to extend the maturity of four of its bonds by no more than 30 months, in an effort to help stabilize its operation and preserve its overall value.

Many property developers have repeatedly extended payments of their onshore debt as the sector slipped into a debt crisis since mid-2021, while many offshore debt issues are already in default.

($1 = 7.1706 Chinese yuan renminbi)

(Reporting by Clare Jim; editing by Christina Fincher)

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