As Evergrande sways, another big Chinese developer tries to save US deals

Oceanwide has spent US$3.5 billion on US investments that are idle or nowhere near finished.
Oceanwide has spent US$3.5 billion on US investments that are idle or nowhere near finished.PHOTO: FOSTERANDPARTNERS.COM

SHANGHAI (BLOOMBERG) - 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 cannot 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".

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