Sino-Ocean wins Hong Kong court approval to proceed with US$6 billion debt workout

Sino-Ocean Group has taken another big step to resolve its liquidity crisis after a Hong Kong court approved its US$6 billion debt workout plan, joining a handful of mainland Chinese developers that have managed to stave off hostile offshore creditors. The High Court gave its nod to the state-backed company’s plan to settle its overdue debt involving several tranches of loans governed by Hong Kong law, according to a judgment on Wednesday. No creditors or lenders opposed the workout plan during the hearing.

The developer, which counts state-backed China Life Insurance and Dajia Insurance among its top shareholders, earlier this month won approval from a London court to proceed with its plan to settle with investors holding seven dollar-denominated bonds governed by UK law. 03:49 Rally cry by Xi sets economic priorities for Chinese officials, absolves them of mistakes.