Chinese Developer Sino-Ocean Suspends Offshore Debt Payments

(Bloomberg) — Chinese state-linked developer Sino-Ocean Group Holding Ltd. has suspended payment on all its offshore borrowings, citing tight liquidity, as the nation’s property debt crisis deepens.

The country’s 25th-largest builder “is fully committed to formulating a viable holistic restructuring of its offshore debts,” Sino-Ocean said in a statement to the Hong Kong stock exchange Friday. Trading in eight of its dollar bonds on the exchange will be suspended until further notice. Shares fell as much as 6.1% in early trading before reversing to trade higher.