Chinese Developer Controlled by Government Is Latest to Plunge
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Not even state-owned firms are safe from the deepening rout in Chinese developer bonds.
Sino Ocean Group Holding Ltd., part-owned by the finance ministry, has become the latest property company to see its bonds slump. Its 4.75% note due 2030 fell Monday to as low as 73.48 cents on the dollar, with spreads over comparable Treasuries widening to a record 800 basis points, according to data compiled by Bloomberg.