Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Remember Me

Lost your password?

Register Now

Loading...
  • Capital Markets
  • Events
    • Mingtiandi 2025 Event Calendar
    • Mingtiandi APAC Residential Forum 2025
    • Mingtiandi Singapore Forum 2025
    • Mingtiandi APAC Logistics Forum 2025
    • Mingtiandi APAC Data Centre Forum 2025
    • Mingtiandi Tokyo Forum 2025
    • More Events
  • MTD TV
    • Residential
    • Logistics
    • Data Centre
    • Office
    • Singapore
    • Tokyo
    • Hong Kong
    • All Videos
    • Post-Event Stories
  • People
    • Industry Moves
    • MTD TV Speakers
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

China Oceanwide’s Stake in Wuhan Project Frozen After $410M NYC Property Seized

2022/05/11 by Alden Monzon Leave a Comment

80-South-Street

Oceanwide’s 80 South Street

China Oceanwide Holdings’ string of financial calamities continued on Wednesday, with an arbitration court freezing the company’s stake in a Wuhan project just days after its $410 million skyscraper development in Manhattan was seized by creditors.

The China International Economic and Trade Arbitration Commission (CIETAC) seized 97.72 million company shares in Wuhan Central Business District Co, where Oceanwide is a majority stockholder, according to a disclosure to the Shenzhen Stock Exchange.

In the statement, Oceanwide did not offer immediate hope of a resolution to the conflict, but said, “The company will continue to pay attention to the progress of the matter, actively negotiate solutions, and follow the relevant laws and regulations to fulfill obligations regarding information disclosure in a timely manner.”

In the arbitration investment management firm China Minsheng Trust is seeking compensation for Oceanwide’s unpaid debt of RMB 2.2 billion ($29.7 billion).

Seized and Liquidated Assets

The asset freeze comes as Beijing-based Oceanwide scrambles to liquidate assets after creditors foreclosed on some of its trophy ventures in the US in recent months.

han xiaosheng Oceanwide

Oceanwide chairman Han Xiaosheng

Last week, lenders seized control of Oceanwide’s $410 million 80 South Street project, a 1,500 foot (457 metre) tower near the Brooklyn Bridge in Manhattan, after the company defaulted on a $165 million loan backed by the property.

Last October, creditors foreclosed on Oceanwide’s unfinished San Francisco mixed-use project, which comprises 54- and 61- storey twin towers with a million square feet (92,903 square metres) of office space, 265 residences and a 169-room Waldorf Astoria hotel. The property was put up as collateral for HK$2.5 billion ($320 million) in notes, which the company failed to repay on time.

This was followed by the $1.3 billion sale of tech media and investment firm International Data Group to funds managed by Blackstone in November. Before the transaction, IDG was owned by Oceanwide subsidiary Oriental Rainbow LLC.

Oceanwide continued to liquidate assets during the first quarter of this year, agreeing to sell its Kapolei West residential site in Hawaii to a local firm for $92.9 million. The property is being sold at a loss from the price of $103.4 million when the company bought the 484 acre (196 hectare) expanse in 2016.

More Turbulent Seas Ahead

“The situation appears to be worsening for Oceanwide, as CIETAC’s newly announced three-year freeze on the company’s shares in Wuhan Business District Co likely signals a deepening battle for the troubled firm’s assets,” veteran China investor and private equity executive Brock Silvers told Mingtiandi on Wednesday.

Silvers, who has been monitoring the developments closely, said in a previous interview that Oceanwide was unprepared for a major policy shift that saw over-gearing quickly change from  a growth driver to a millstone.

“Regulators have indicated that overseas projects are a low priority, and China’s developers have been reducing exposure,” he said. “While Oceanwide has raised cash by selling completed onshore projects, its uncompleted offshore projects are attracting little interest, especially from wary onshore investors.”

Silvers said Oceanwide may never retake control of its defaulted offshore assets now, as the company’s total debts seem to exceed the proceeds of potential sales of its seized assets.

Furthermore, the investment expert said China’s real estate woes are far from over, amid dropping sales of new homes in 23 Chinese cities — a trend seen during the five-day holiday in the country earlier this month.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Outbound Investment Tagged With: China Oceanwide Holdings, daily-sp, Featured, New York, Wuhan

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

  • This field is for validation purposes and should be left unchanged.

MTD TV

Fergal Harris, JLL
Ivanhoe, Phoenix, SDAX and JLL Talk the Ties That Bind Singapore and Australia
Stuart Gibson ESR
ESR’s Gibson Sees Strong Fundamentals, Capital Markets Boosting Japan Strategies: MTD TV

More MTD TV Videos>>

People in the News

singh-anshuman
Asia Real Estate People in the News 2025-06-16
Raymond Lee Paul Hastings
Law Partner Picks Up Hong Kong Home of Former Birmingham City Boss for $37M
Teo Chee Hean Temasek
Asia Real Estate People in the News 2025-06-09
Lincoln Pan Jardines
Asia Real Estate People in the News 2025-06-02

More Industry Professionals>>

Latest Stories

South City Mall in Kolkata
Blackstone Buys Kolkata Mall From Developer South City for $377M
Duke Lee, Head of Investment & AM, Pebblestone
APG, Pebblestone, Invesco See Korean Sheds Overcoming Trade War: MTD TV
Amazon Web Services CEO Matt Garman
Amazon to Invest $13B in Aussie Data Centres and More Asia Real Estate Headlines

Sponsored Features

How to Create a Win-Win for Investors and Occupiers
Lingeage Logistics Cold Storage Complex
Mount Maunganui Cold Storage Facility for Sale
7 in 10 Senior Directors Confident in Data Centres, but Talent Shortage Will Widen

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • Mingtiandi 2025 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Memberships
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2025 China Advertising Media Ltd (Samoa). All rights reserved.

We use cookies in accordance with our Privacy policy to provide the best user experience on Mingtiandi and to safeguard user data. By continuing to browse you consent to the policy. AcceptRefuse