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Portfolio > Alternative Investments > Real Estate

Genworth Suitor Puts Cash in Real Estate Subsidiary

By Allison Bell

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China Oceanwide Holdings Group Company Ltd. and affiliates have provided the equivalent of about $300 million in interest-free loans in 2018 for Fanhai Holdings Co. Ltd., a real estate development affiliate.

(Related: Genworth Finds Buyer for Canadian Mortgage Insurance Unit)

The board of Oceanwide Holdings Ltd. disclosed the cash support for Fanhai Saturday, in a special announcement.

China Oceanwide is the Beijing-based real estate and financial services company that has been trying to acquire Genworth Financial Inc.

Oceanwide Holdings is a publicly traded China Oceanwide affiliate.

Oceanwide said China Oceanwide and other members of the China Oceanwide group provided support for Fanhai because of changes in the economy in China, real estate regulations in China, the large amount of capital required by Fanhai real estate projects now under construction, and the expiration of various debts in 2018.

The support for Fanhai has caused no problems for Oceanwide Holdings or its shareholders, according to the Oceanwide Holdings board.

Resources

The Shenzhen Stock Exchange information page for Oceanwide Holdings is available here.

A copy of the Fanhai financing announcement is available at Sina.com.

— Read Genworth’s Suitor Reconfigures Real Estate Development Operations, on ThinkAdvisor.

— Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter.

Allison Bell

Think_Allison

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© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.