Distressed developer China Oceanwide declared bankrupt

 

Property Firm China Oceanwide Gets Liquidation Order in Bermuda

For China Oceanwide, the Bermuda Court officially accepted the winding-up petition made against the company on Friday local time. The petition was made in May 2022 by its lenders for its real estate development project in New York, which in turn was under receivership earlier the same month.

 A Chinese property investor that has struggled with several US projects faces court-ordered liquidation as a Bermuda court issued a winding-up order against the firm.

China Oceanwide Holdings Ltd. disclosed the order in a Monday filing

with Hong Kong’s stock exchange. Liquidators have been appointed and the company’s shares listed in the city have been suspended. The winding-up petition was filed in June 2022 and involved $175 million of loan principal that the petitioner said wasn’t paid, Oceanwide said at the time. The financing involves a pledged New York property and secured shares.