Serious Tiong State Owned Developer Sino Ocean Defaults on Debt!

[Pinkieslut]

Sino-Ocean Defaults on Bond Interest Payment, Braces for Up to USD2.7 Billion in First-Half Losses​

(Yicai) Aug. 16 -- Sino-Ocean Group has become the latest Chinese developer to default on bond interest payments, after Country Garden did so last week, and is anticipating running up losses of as much as CNY20 billion (USD2.7 billion) in the first half as a lackluster real estate market hammers sales.

Sino-Ocean was unable to pay the USD20.94 million (CNY150 million) in interest that was due on a USD700 million bond on Aug. 13, the Shanghai-based firm said on Aug. 14. Trading of the bond, which has a 6 percent coupon rate and matures in 2024, has now been suspended on the Hong Kong stock exchange.

Sino-Ocean is requesting a waiver from holders of the bond and has received enough votes in support, it said. The company has also asked to push back the deadline on a USD2 billion bond until Sept. 1, but this was not accepted.

Sino-Ocean has been hit hard by a sluggish real estate market. Sales slumped 17 percent in the first six months from the same period last year to CNY35.7 billion (USD4.9 billion). It shifted just 16,000 properties over the period with lower gross profit margin.

As a result, the developer expects to incur losses of between CNY17 billion (USD2.3 billion) and CNY20 billion in the six months ended June 30, it said the same day. This is a widening of over 15 times from the same period last year. It also wipes out all the net profit earned between 2016 and 2021.

Slow sales, a lack of cash flow, tighter financing requirements and increased asset disposal have all created great uncertainty, Sino-Ocean said. The developer is having problems raising funds for projects and is unable to seek refinancing through bonds. But the company vows not to default and is actively seeking solutions to resolve its debt crisis.

As of the end of 2022, Sino-Ocean had assets of CNY314.6 billion (USD43.1 billion), liabilities of CNY222.5 billion and interest-bearing debts of CNY109.4 billion. The firm still claims to have enough assets to cover its debts.

 

[laksaboy]

Let the dominoes fall. Let the fun begin.

 

[syed putra]

China interest rate cut. Stagflation. These are good news for us all as prices will drop.

 

[millim6868]

Everything under si o hv sg investor lol

 

[millim6868]

Fuck china, all world should sent China ppl back to their country except those here as FL or massage,lol

 

[syed putra]

Fuck china, all world should sent China ppl back to their country except those here as FL or massage,lol

And those sexy Chinese girls can stay. The Rest deported.

 

[syed putra]

 

[batman1]

The china economy has collapsed and bankrupt china developers have shock waves across PRC and the world.Meanwhile,Emperor Xi is trying to rule the world through one belt one road.

 

[k1976]

China interest rate cut. Stagflation. These are good news for us all as prices will drop.

Price will be range bound

 

[k1976]

The china economy has collapsed and bankrupt china developers have shock waves across PRC and the world.Meanwhile,Emperor Xi is trying to rule the world through one belt one road.

U must find out on contingion route.
Follow the $$$$$$$$ trail

 

[k1976]

https://www.forbes.com/sites/zinnia...est-share-price-drop-after-earnings-miss/amp/

 

[k1976]

Sea’s shares suffered their biggest daily drop since the company went public in 2017 on Tuesday, when they dived almost 29% on the New York Stock Exchange.

The stock plunge erased roughly $1 billion of chairman and CEO Forrest Li’s fortunes, bringing his net worth to $2.5 billion on Forbes’ Real-Time Billionaires List. Meanwhile, chief operating officer Gang Ye lost around $565 million from the shares decline, leaving his net worth at $1.8 billion.

 

[k1976]

Sea said on Tuesday that its second quarter revenue recorded a 5.2% year-over-year increase to $3.1 billion, falling short of the $3.2 billion that analysts have estimated. Its e-commerce business Shopee, which contributes about two-thirds of the company’s top-line, posted its slowest growth rate at 20.6% to $2.1 billion. Revenue at its profit-making gaming unit, which helped fund Sea’s expansion in e-commerce and digital financial services, plummeted 41.2% to $529 million, while sales from digital financial services rose 53.4% to $423 million.

 

[k1976]

Founded in 2009, Sea was once the world’s best performing stock during the height of the pandemic.

The e-commerce and gaming giant, however, has struggled to continue the momentum as the pandemic boom faded and investors turned cautious amid interest rate spikes. Sea’s market cap has fallen nearly 89% from its peak in October 2021.

The decline has pushed David Chen, one of the three cofounders of Sea, off from the billionaire ranks.

 

[laksaboy]

I wonder how much money has been flushed down the toilet with this:

Sino-Singapore Tianjin Eco-City
http://www.tianjineco-city.com/News/show/305?lang=english

About Sino-Singapore Tianjin Eco-City Investment and Development Co., Ltd. (SSTEC)

SSTEC is the master developer for the Sino-Singapore Tianjin Eco-City (the Eco-City). It is a 50/50 joint venture between the Singapore Consortium led by the Keppel Group and the Chinese Consortium led by Tianjin TEDA Investment Holding Co., Ltd (Tianjin TEDA).

The Eco-City is a landmark bilateral project between Singapore and China with private-sector investment and development. Located in the Tianjin Binhai New Area (45 km away from Tianjin city centre), the 30-sq km Eco-City is envisioned to create a harmonious and sustainable community that meets the needs of an urbanizing China.

 

[Rogue Trader]

More Chinese property developers will start to fall as their economy switches from property to domestic consumer spending for growth

 

[myfoot123]

Avoid reading too much about china property crisis. To bolster an economy, some pain is necessary and China is facing it head on.

On the other hand, by increasing the treasury limit and printing paper money to avoid debt default, America postponed suffering, which is just kicking the problem down the road.

 

[oliverlee]

More Chinese property developers will start to fall as their economy switches from property to domestic consumer spending for growth

Condos in SG built by Chinese developers will soon make bad investments?

 

[red amoeba]

GIC invested how much in this unicorn ?

 

[laksaboy]

GIC invested how much in this unicorn ?

That is a classified national secret, not for Sinkie peasants to know.

Surely it can't be more than this:

Singapore's GIC eyes over $1B investment in Ant Group IPO
6 Oct, 2020
https://www.spglobal.com/marketinte...ment-in-ant-group-ipo-8211-bloomberg-60618833

GIC 4.27% +Temasek 2.73% = 7%