Sino-Ocean's $6bn debt restructuring plan approved by U.K. court

Creditor calls Chinese developer's plan too generous to state-owned shareholders

20250203 Sino-Ocean Taikoo Li Chengdu shopping center

Chengdu, Sichuan province, on Dec. 9, 2014. Sino-Ocean lawyers say the company must remain Chinese state-owned if it is to be a viable property developer in China. © AP

February 3, 2025 21:54 JST

LONDON (Reuters) -- London's High Court on Monday approved Chinese property developer Sino-Ocean Group's plan to restructure around $6 billion of its debt, despite opposition from an ad hoc group of creditors.

State-backed Sino-Ocean Group is attempting a parallel process in London and Hong Kong to restructure its offshore debt, as other developers have defaulted since the Chinese property sector's 2021 debt crisis.