Chinese developer Sino-Ocean hit with liquidation petition by U.S. bank

HONG KONG -- Sino-Ocean Group Holding has become the latest mainland Chinese developer to face a liquidation plea in a Hong Kong court, as the country's property market continues to struggle.

The midsize state-backed developer said on Friday that it had received a winding-up petition filed by the London branch of the Bank of New York Mellon to the Hong Kong High Court.