HK Stock Market Move | SINO-OCEAN GP(03377) reversed its decline and rose more than 16%, with August contractual sales of 20.6 billion RMB, a year-on-year increase of 4.6%.

SINO-OCEAN GP (03377) fell by more than 11% in the morning session, but the stock price turned around and rose nearly 17% in the afternoon. As of the time of writing, it was up 13.25% at HK$0.188, with a turnover of HK$5.2621 million. On the news front, SINO-OCEAN GP announced that its contracted sales in August amounted to RMB 20.6 billion, a year-on-year increase of 4.6%, with a contracted sales area of approximately 178,900 square meters. The average selling price per square meter was RMB 11,500. In the first eight months, the cumulative contracted sales reached RMB 22.18 billion, a year-on-year increase of 44.7%, involving a sales area of approximately 1.8547 million square meters. The average selling price per square meter was RMB 12,000. It is worth noting that SINO-OCEAN GP previously announced that the winding-up petition filed against the company had been adjourned to September 23, 2024, at the Hong Kong High Court hearing on September 11, 2024. On September 10, SINO-OCEAN GP announced the latest debt restructuring progress, with over 75% of holders of the A group debt agreeing to the restructuring support agreement. The company further extended the deadline for the basic agreement fee from September 10 to September 24, stating that some creditors are undergoing internal approval processes and need additional time to complete this process.