Chinese property firm Oceanwide gets liquidation order in Bermuda
- China Oceanwide Holdings said in a filing to the Hong Kong stock exchange that liquidators have been appointed
- The winding-up petition filed in June 2022 involves US$175 million of loan principal that the petitioner says has not been paid
A Chinese property investor that has struggled with several US projects faces court-ordered liquidation as a Bermuda court issued a winding-up order against the firm.
China Oceanwide Holdings disclosed the order in a filing on Monday with Hong Kong’s stock exchange. Liquidators have been appointed and the company’s shares listed in the city have been suspended.
The winding-up petition was filed in June 2022 and involved US$175 million of loan principal that the petitioner said was not paid, Oceanwide said at the time. The financing involves a pledged New York property and secured shares.
At least three Chinese developers have been ordered wound up by courts in Hong Kong amid the country’s property debt crisis, though a similar effort involving Oceanwide was dismissed in February. A new petition was filed against the firm last month.
The company has dealt with myriad difficulties in the US after making US$3.5 billion of real estate investments there.