Another China property sector casualty.
Earlier this week state-backed Sino-Ocean Group Holding Ltd. halted trading in a local note that matures in two weeks, flagging “significant” uncertainty in repaying that security. Up until recently the firm had been viewed by investors as among the few developers capable of weathering an industrywide debt crisis.
Sino-Ocean has long avoided repayment issues that hit some fellow government-linked peers. But no more. Sino-Ocean shares fell 10% Tuesday to a fresh record low in Hong Kong.