Oceanwide is exiting New York City, Hawaii to focus on LA

LOS ANGELES: Developer China Oceanwide Holdings Ltd is trying to generate cash by selling properties in New York and Hawaii, as it works to revive a massive Los Angeles project that’s been frozen in mid-construction for three years.

The Beijing-based company plans to sell assets that won’t generate immediate revenue – or haven’t been seized by creditors – “and reserve resources to develop the LA project,” according to an annual filing in Hong Kong.

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