Sino-Ocean Working With Major Shareholders on Debt Plan, Sources Say
- Worries about state-backed Chinese developer have resurfaced
- Onshore, dollar bonds have seen prices halved this week
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A state-backed Chinese developer facing mounting signs of concern in credit markets told some creditors Tuesday that it’s been working with two major shareholders regarding its debt load, according to people familiar with the matter.
State-owned China Life Insurance Co. and Dajia Life Insurance Co. sent a working group to Sino-Ocean Group Holding Ltd. regarding a holistic risk mitigation plan, said the people, who asked not to be named as the matter is private.