Default of State-Backed Developer Sino-Ocean Signals China’s Economic Crisis: Analysts

Unfinished apartment buildings stand at a residential complex developed by Jiadengbao Real Estate in Guilin, Guangxi Zhuang region, China, on Sept. 17, 2022. Eduardo Baptista/Reuters

The latest default on debt by a state-backed real estate enterprise in China signals a growing crisis in a crucial sector for that nation’s economy, said analysts.

China’s state-owned developer Sino-Ocean Group Holdings missed interest payments by Aug. 13, according to a filing (pdf) on the Hong Kong Stock Exchange.