China Oceanwide Tries to Save U.S. Deals as Evergrande Sways
- Hong Kong-based unit has warned about risk as ‘going concern’
- Debt, fundraising talks continue after some deals fall through
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As the financial world warily watches the fate of cash-strapped China Evergrande Group, another big Chinese property developer is facing a ticking clock too, tied to projects in Manhattan, Los Angeles and Hawaii.
China Oceanwide Holdings’ Hong Kong-based development subsidiary has been warning in regulatory filings this year that if it can’t complete plans to bolster its finances, such as restructuring debts and selling part of its portfolio, it might not be able to continue to “operate as a going concern.”