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U.S. Real Estate Struggles Mount for Chinese Developer Oceanwide

  • Firm’s stalled project in San Francisco seized by creditors
  • Company is also struggling with projects in New York, L.A.
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Bloomberg News
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China Oceanwide Holdings Co.’s real estate troubles are mounting in the U.S., with credit holders taking control of a stalled skyscraper development in San Francisco.

Overseas credit holders of Oceanwide’s two offshore units have taken over their entire holdings in the project, the developer said in a Shenzhen stock exchange filing. The two notes, in dollars and worth a combined HK$2.6 billion ($334 million), have matured.