China Oceanwide Has Potential Buyer for $1.2 Billion LA Project
Developer has been trying to recoup money spent on stalled projects across the US, including in New York and San Francisco.
The construction site at Oceanwide’s Los Angeles project in 2019.
Photographer: Edvard Pettersson/BloombergThis article is for subscribers only.
A Chinese developer of beleaguered projects across the US has found a potential buyer for a stalled Los Angeles complex where it spent $1.2 billion before running out of money.
China Oceanwide Holdings Ltd. said a “purchase and sale agreement is now under negotiation” between the company and the potential buyer, according to a filing in Hong Kong Friday.