(Bloomberg) — China’s Oceanwide Holdings Co. has sold its San Francisco property project for about $1 billion, taking a loss on an ambitious development that was expected to include the city’s second-tallest office tower but has lain idle for months.The Oceanwide Center site, which includes offices, upscale condos and a Waldorf Astoria hotel, faced “huge challenges” on construction and cost controls, the company said in a filing to the Shenzhen stock exchange late Wednesday.It expects to take a loss of about $276 million on the project, it said. The buyer was named as a unit of SPF Capital International Ltd., …read more
Source:: Yahoo Finance
