Asia
Sino-Ocean Unit Flags Over 17 Billion Yuan in Overdue Debt; Shares Slip 4%
Sino-Ocean (HKG:3377) said its wholly owned subsidiary, Beijing Sino-Ocean, had 17.2 billion yuan in overdue borrowing principal as of March 31, according to a April 10 Hong Kong bourse filing.Shares of the property firm were down over 4% in Monday's late morning trade.The subsidiary also reported a new major litigation in March involving disputes with creditors, with an amount of about 1.87 billion yuan.Sino-Ocean said the situation may adversely affect the unit's operations and debt repayment ability.The unit said it is continuing discussions with creditors to formulate solutions to address the debt situation.
HKG:3377