China’s real estate woes deepened on Friday as state-backed developer Sino-Ocean Group Holding suspended debt payments for all offshore debt until a restructuring was finalized. It also said it has halted trading its U.S. dollar securities in Hong Kong. According to the Beijing-based property developer, “holistic restructuring” of its offshore debt is the only way forward as it confronts rising liquidity challenges due to a sales slowdown throughout the wider sector since 2021. “Starting from the second half of 2021, the real estate sector in China has experienced significant changes and real estate developers have been confronted with unprecedented challenges with regard to liquidity and funding,” the company said in a Hong Kong stock exchange filing (pdf)....Read more https://www.theepochtimes.com/china/chinas-property-troubles-worsen-as-state-backed-sino-ocean-suspends-debt-payments-5492112