Posted Jun 18, 2021, 3:33 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,869
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I thought Oceanwide would be off the scene by now...
https://therealdeal.com/issues_artic...-sinks-deeper/
Oceanwide’s US business is sinking. Can it right the ship?
The Chinese developer appears adrift, shedding U.S. properties as it seeks to exit real estate
By Kevin Sun
June 14, 2021
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In 2014, Oceanwide Holdings announced plans to build a 2.4 million-square-foot megaproject in San Francisco. The twin-tower development would be the Chinese conglomerate’s first big push into North America, at a time when Chinese firms were spending billions on massive projects and on acquiring high-end properties from California to New York.
Seven years later, the stalled project — dubbed Oceanwide Center — has come to represent something else: a $1.6 billion burden. Another is a massive L.A. tower project where work has also stalled, along with two large-scale developments still in the planning stages in New York City and Honolulu.
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In late 2019, reports emerged that Oceanwide was seeking to sell off not only Oceanwide Center in San Francisco, but also Oceanwide Plaza in L.A. and its development site at 80 South Street in Lower Manhattan, where it planned to build a 1,400-foot-tall mixed-use skyscraper. The company’s land holdings in Hawaii, where it planned a high-end resort, were not up for sale at the time.
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In May, the company announced it had refinanced $146 million out of a total $280 million in debt that had come due, while the remainder of that debt would be extended to August — further highlighting its looming debt obligations.
“Due to the adverse impact of a number of factors including the macroeconomic environment, the regulations on real estate and financial industry and the Covid-19 pandemic, Oceanwide Holdings … is facing a temporary cash flow issue,” the company’s Hong Kong subsidiary disclosed at the time.
Funds for debt repayment would be raised from “expedited sales of real estate projects” and “intended disposal of certain offshore assets,” the disclosure continued.
In the meantime, Oceanwide’s projects in L.A., San Francisco and New York are still on pause and there is no timeline for the Honolulu development.
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