San Francisco project sells for $1b
Transactions - JANUARY 23, 2020

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San Francisco project sells for $1b

by Andrea Zander

The Chinese developer Oceanwide Holdings behind the partially stalled San Francisco project Oceanwide Center has agreed to sell it to another Chinese investor for more than $1 billion.

According to a statement posted on the Shenzhen Stock Exchange, the new owner is SPF Capital International Limited, an asset management company also based in Beijing.

Construction stopped in October 2019. Oceanwide said in a statement that construction was “temporarily” halted “while we restructure capital for the project.”

As part of the deal, SPF agreed to a $20 million security deposit and to pay for the project in two installments, with the first installment totaling $630 million. SPF has also agreed to pay Oceanwide Holdings for the project’s initial development costs.

The site was to have a 54-story, 605-foot tower and a 910-foot tower across from the Salesforce Tower and the infamously leaning Millennium, located in San Francisco’s Transbay district. If c

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