Fancy Apartment Rentals for Paris Olympics See Poor Demand and Price Cuts
Locals who’d hoped to turn a big profit by renting out their posh apartments are now slashing prices by 30%-60%.
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Locals who’d hoped to turn a big profit by renting out their posh apartments are now slashing prices by 30%-60%.
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Oct 29, 2021
Bloomberg News
,(Bloomberg) -- Holders of troubled developer China Oceanwide Holdings Co.’s unit seized its shares in a billion-dollar property project 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 Thursday Shenzhen stock exchange filing. The two dollar notes, worth a combined HK$2.6 billion ($334 million), have matured.
Holders of the notes can appoint receivers over the pledged assets, and can file litigation or sell the assets, according to the filing. Oceanwide is assessing the impact of the share and project collateral takeover on its operations and finances, and actively negotiating with the holders, the filing says.
While investors around the world are watching to see how the crisis around cash-strapped China Evergrande Group is resolved, Oceanwide Holdings has been trying to sell its main office complex in Beijing to raise cash after Oceanwide Holdings International Development III defaulted in May.
Oceanwide invested $1.3 billion in the San Francisco project -- a two-tower hotel, office and residential development designed by Foster + Partners -- now a gaping hole in the ground near First and Mission streets. It has paused work at the site, where it hoped to build the city’s second-tallest skyscraper. Altogether, Oceanwide has spent $3.5 billion on U.S. investments that are idle or unfinished.
Oceanwide said last December that it scrapped a $1.2 billion sale of the project because the pandemic had impeded due diligence. The company also has projects in Los Angeles, New York and Hawaii that are either stalled or yet to find buyers after being offered for sale.
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