Duane Shimogawa has more than 15 years of experience in the media industry with stints as a reporter/anchor at several TV and radio stations, as well as newspapers such as Pacific Business News, Hawaii News Now, KNDU/KNDO-TV, and more.
KAPOLEI, Hawaii (KITV4) -- A Chinese company that has invested more than $650 million on hundreds of acres of land near or at the Ko Olina Resort in West Oahu is planning to sell off all of its properties by the end of this year.
China Oceanwide Holdings, which has encountered financial issues, revealed its plans in a public filing sent out to shareholders on Thursday.
The company said it intends to complete the sale of its two vacant parcels at the Ko Olina Resort later this year. The parcels are expected to be occupied by two luxury branded hotels and residential condominiums, as well as an Atlantis Resorts-branded hotel and luxury residences.
China Oceanwide also said it has entered into an agreement earlier this year to sell the majority of the 400 acres of land it purchased several years ago that’s located near the Ko Olina Resort.
The company said it appointed a receiver last July to figure out a way to pay off its debts. China Oceanwide expects to pay off its debts after these projects are sold.
Do you have a story idea? Email news tips to news@kitv.com
Duane Shimogawa has more than 15 years of experience in the media industry with stints as a reporter/anchor at several TV and radio stations, as well as newspapers such as Pacific Business News, Hawaii News Now, KNDU/KNDO-TV, and more.
