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Oceanwide to Sell New York, Hawaii Assets to Revive LA Project

MT Newswires ·  {{timeTz}}

10:02 PM EDT, 03/31/2022 (MT Newswires) -- China Oceanwide Holdings (HKG:0715) plans to dispose of assets that are not generating immediate revenue including its properties in New York and Hawaii as the Chinese developer seeks to revive its Los Angeles project.

Oceanwide's LA project has been suspended since October 2020 due to funding issues. The company had planned to resume construction in the first half of 2021, but the company was unable to raise funds for the project.

"It was decided that some projects in Hawaii would be disposed" to reduce the group's liabilities , Oceanwide said in its annual report published Tuesday, adding that it also plans to sell the land for its New York project to repay its debts.

In mid-March, Oceanwide said it will sell its Kapolei, Hawaii project for $92.9 million, down from its total investment of $125.3 million for the project.

Separately, the company said it expects to book an impairment of $214.9 million from the sale of its New York project, as the developer anticipates to incur a loss from its total investment of $409.9 million into the project.

Oceanwide warned that if plans fail to materialize, "it might not be able to continue to operate as a going concern."

In 2021, Oceanwide's attributable net losses ballooned nearly sixfold to HK$5.36 billion ($684.3 million) from HK$926.6 million, while diluted loss per share ballooned to HK$0.33 from HK$0.057.

The group's revenue rose to HK$111.3 million from HK$100 million, which it attributed to the increase in occupancy rate and rental rate of its investment properties in Shanghai.

Price (HKD): $0.04, Change: $0.00, Percent Change: -2.27%

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