(Yicai) Jan. 16 -- Sino-Ocean Group has reportedly announced plans to extend another two credit bonds worth CNY5 billion (USD700 million), meaning that the troubled real estate developer has pushed back the maturities on all nine of its domestic credit bonds.

Sino-Ocean has extended by 30 months the maturities on nine local credit bonds worth CNY18.3 billion (USD2.6 billion), The Paper reported today.

The Beijing-based firm will repay the principal on the notes in installments starting from the 15th month, with a quarterly repayment schedule of 5 percent, 10 percent, 15 percent, 15 percent, 20 percent, and 35 percent, the report said.

In addition to these credit bonds, the state-backed builder has CNY4.6 billion in five domestic bonds of other types that are not yet due.

Trading of Sino-Ocean’s eight US dollar bonds worth USD3.9 billion has been suspended in Hong Kong since Sept. 15, and the firm temporarily stopped repaying all overseas debt as it began a comprehensive restructuring process.

Trading of a US dollar bond due this year was also suspended as the firm failed to pay about USD20.94 million in interest on schedule, it said on Aug. 14 last year. 

Sino-Ocean issued a profit warning for the first half of last year, predicting a loss of CNY17 billion to CNY20 billion, over 15 times more than the CNY1.1 billion it lost a year earlier.

Editor: Tom Litting