Streetbeat News

SIOLY

Sino-Ocean Group Holding Limited

https://www.sinooceangroup.com/

CEO

Ming Li

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Three Hong Kong-based companies made significant announcements. Sino-Ocean Group Holding Limited (OTC:SIOLY) requested another week to make a bond interest payment, which could negatively impact its parent company, China Life Insurance Co Ltd (OTC:CILJF). Bank of China Limited (OTC:BACHF) issued a prospectus for a $1.6 billion medium term note, indicating a potentially stronger outlook. Swire Pacific Limited (OTC:SWRAY) issued a prospectus for a $5 billion medium term note offering, which could strengthen its position against struggling rivals.

Portfolio Pulse from Daniel Harrison

October 19, 2023 | 3:20 pm

Concerns are growing over hidden debt in China's property sector, with Ping An Insurance Group's real estate subsidiary, Ping An Real Estate Co. Ltd, in focus. The company's bond has been fluctuating due to investor concerns about its ability to repay. The company's sales have been declining and there are questions about its off-balance sheet debt. The China Securities Regulatory Commission found that the subsidiary had covered up a 200 million RMB overdue debt tranche. The situation could potentially spark a broader contagion in China's financial services sector.

Portfolio Pulse from Daniel Harrison

October 16, 2023 | 5:00 pm

Hong Kong and China stocks closed lower due to weak consumer sentiment and property market concerns. Alibaba (BABA) and Tencent (TCEHY) fell more than 3% due to weak consumption demand. JD.com (JD) dropped 10% after Citigroup (C), Daiwa Securities (DSECF), and Jefferies Financial (JEF) cut price and revenue targets for the company. Morgan Stanley (MS) revised its estimates for the Hong Kong property market, downgrading Wharf Holdings (WARFF) and the overall property market. Sino-Ocean Group (SIOLY) defaulted on its bond repayments, while Country Garden Holdings (CTRYF) and Sunac China Holdings (SNCNQ) also fell. Didi Global (DIDIY) is planning a Hong Kong Stock Exchange listing.

Portfolio Pulse from Daniel Harrison

October 13, 2023 | 5:45 pm

Chinese property developer Sino-Ocean Group Holding Limited (OTC:SIOLY) has asked its bondholders to delay interest payments, following a default on its bond repayments. The company had previously frozen $4 billion of offshore debt. Sino Ocean also warned that it may not meet the December payment deadline and would formulate a new payment plan if necessary. No additional interest would be offered for the delayed payment. Other major defaulters include Country Garden Holdings Limited (OTC:CTRYF) and China Evergrande Group (OTC:EGRNQ).

Portfolio Pulse from Daniel Harrison

October 13, 2023 | 2:42 pm

Two-thirds of Chinese property developers have defaulted on their offshore debt over the past year, with China SCE Group Holdings Ltd. being the latest. Country Garden Holdings Limited (OTC:CTRYF) is seeking to renegotiate debt terms with its offshore bondholders after missing a debt repayment. Only 14 out of 54 major developers have not defaulted yet, including Agile Group Holdings Ltd. (OTC:AGPPY), Shui On Land Ltd. (OTC:SOLLY), China Vanke Co. Ltd (OTC:CHVKF), Seazen Group Ltd. (OTC:SZENF), Sino-Ocean Group Holding Ltd. (OTC:SIOLY), and Longfor Group Holdings Ltd. (OTC:LGFRY).

Portfolio Pulse from Daniel Harrison

October 10, 2023 | 2:29 pm

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