Oceanwide's $23 Million Sale of Hawaii Property Falls Through; Hong Kong Shares Rally 24%

MT Newswires · 05/17/2022 11:23

11:21 PM EDT, 05/16/2022 (MT Newswires) -- China Oceanwide Holdings (SHE:000046, HKG:0715) has abandoned its planned $23.3 million sale of a property in Hawaii, the Chinese property developer said in a bourse filing on Friday.

The company agreed to sell the 19.1-acre lot in Kapolei in Honolulu, Hawaii, in December 2021 to Hawaii-based Alaka'i Apartments.

In late March, Oceanwide said it will dispose of assets that are not generating immediate revenue including the Hawaii property.

Most recently, the buyer decided to terminate the agreement after it conducted due diligence. Oceanwide will then return the deposit that Alaka'i Apartments had paid for the deal.

Shares of the company rallied nearly 24% in Hong Kong trading Tuesday morning, while its Shenzhen-listed shares fell over 1%.

Price (HKD): $0.06, Change: $+0.01, Percent Change: +24.44%

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