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Sino-Ocean is said to be in talks with China Cinda Asset Management over financial support, as per sources. They noted that both companies were in discussions over assistance since October, given their existing collaboration on several property projects. The talks could revolve around state-owned bad-debt asset manager China Cinda, restructuring some of Sino-Ocean’s units that handles property projects, or injecting capital into some of them in exchange for a stake in the developer. Earlier this year, there were reports of Chinese financial regulators and the nation’s biggest bad-debt management companies planning to offer about $24bn of refinancing support to high-quality developers in Q1, but no major update was given later.
Sino-Ocean’s dollar bonds continue to trade at deeply distressed levels of 7-8 cents on the dollar.
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