(Oct 29): Chinese property developer Sino-Ocean Group said on Tuesday that it would issue new zero-coupon, two-year mandatory convertible bonds, and new interest-bearing perpetual securities to creditors, for a total value of US$4.02 billion (RM17.56 billion).

The state-backed company received a winding-up petition in late June, filed by The Bank of New York Mellon in a Hong Kong court.

This issuance, along with new debts worth US$2.2 billion, forms a part of the indebted developer’s US$5.64 billion offshore debt restructuring plan, as it attempts to raise funds to repay its creditors.

Sino-Ocean was one of the Chinese property firms that defaulted on offshore bonds after the country’s property sector collapsed in mid-2021.

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