Chinese Developer Oceanwide Weighs Office Sale for $3 Billion
- Real estate firm embarks on asset sales since unit’s default
- Oceanwide has its headquarters in the Beijing office complex
The Minsheng Financial Center in Beijing.
Source: Barcroft Media/Getty Images
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Chinese real estate firm Oceanwide Holdings Co. is seeking to offload its main office complex in Beijing, according to people familiar with the matter, in a bid to raise cash after a unit defaulted.
The company has been in talks to sell the Minsheng Financial Center in the heart of Beijing to China Taiping Insurance Group, said the people, who asked not to be identified because the discussions are private and may not result in a deal. Oceanwide’s asking price has been a sticking point, with the two sides currently discussing a potential price tag of about 20 billion yuan ($3.1 billion), one person said.