Sino-Ocean Group swings to profit after debt restructuring

Sino-Ocean Group recorded a profit attributable to owners of the Company of RMB10,202 million for the six months ended June 30, 2025, a substantial increase from a loss of RMB5,382 million in the prior year period. This turnaround was largely due to gains of RMB31,756 million from offshore debt restructuring, which reduced the Group's leverage by approximately $4 billion. Revenue, however, decreased by 53% to RMB6,203 million, with gross loss at RMB4,966 million. Basic earnings per share were RMB1.171, and diluted earnings per share were RMB0.919.

The Group's total assets decreased by 9% to RMB165,240 million, while equity attributable to owners of the Company improved significantly to RMB4,117 million from a deficit of RMB12,659 million. Cash resources rose to RMB5,831 million, a 21% increase. Total borrowings decreased from RMB98,373 million to RMB66,997 million. The net gearing ratio stood at 743%.

The property development segment experienced a 68% decline in revenue to RMB3,296 million, with saleable GFA delivered falling by 55% to 340,000 sq.m. Contracted sales also decreased by 27% to RMB13,370 million. The Group delivered approximately 12,000 residential units across 23 cities and maintained its construction target for 2025.