China's Sino-Ocean H1 revenue rises 6% as property deliveries rise

Sino-Ocean Holding

28/08/2026 15:16

Overview
China property developer's H1 revenue rose 6% yr/yr to RMB6.6 bln
Net loss attributable to owners was RMB7.15 bln, reversing a profit last year
Company cites continued real estate market adjustment and higher impairment provisions for loss

Outlook
Company says real estate sector in China remains under pressure but is showing partial improvements
Sino-Ocean sees industry risks shifting to orderly resolution and focus on asset revitalization
Company expects urban renewal and specialized services to drive future competitive advantage

Result Drivers
DEBT-RESTRUCTURING GAIN COLLAPSE – One-off, non-cash debt-restructuring gains fell to RMB276 mln from RMB31.8 bln, contributing to the swing to a RMB7.1 bln owners' loss
LOWER-TIER CITY DELIVERIES – Property-development revenue rose 25% as delivered GFA increased 52%, though recognised selling prices fell as projects were not mainly in first-tier cities
PROPERTY-MARKET IMPAIRMENTS – PRC property-market adjustment drove inventory provisions and RMB4.0 bln of expected-credit-loss provisions, keeping margins under pressure

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
RMB 6.6 bln
 
H1 Net Loss Attributable
 
RMB 7.15 bln
 

Reuters Recommended Reads
Aug 27 - China's Sino-Ocean Service H1 loss narrows due to smaller impairment provisions
Aug 28 - China's Sunac H1 revenue falls on lower property deliveries
Aug 28 - China to reform home sales system to curb delivery risks

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)