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.
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.
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.