Oceanwide Holdings failed to redeem part of its $280mn 14.5% bonds May 23 2021 due to a liquidity crunch. The company said it was facing “temporary cashflow issues” due to macro factors, real estate regulations and the pandemic. According to an exchange filing, the company said they are keen on “making every effort in raising the repayment funding” for the principal and accrued/unpaid interest in full by August 23. The company plans to expedite sale of real estate projects and is working on disposal of its onshore and offshore asset portfolio to raise cash while also calling for strategic investors. On May 20, Oceanwide repurchased $146.045mn of the bonds with the remaining $133.955mn outstanding.