--Genworth Financial, Inc. today issued an update with respect to its pending transaction with China Oceanwide Holdings Group Co., Ltd.. ... arrangement between Oceanwide and Hony Capital … According to various screenshots circulated on Twitter, the China's NDRC may have granted regulatory approval for China Oceanwide to move forward in … The investors of Hony Capital include Legend Holdings, the National Social Security Fund, China Life Insurance and leading investment institutions such as Goldman Sachs, Temasek, and Canada Pension Plan Investment Board. It agreed to pay $2.7 billion for Genworth in October 2016. (Related: New York Reapproves China Oceanwide-Genworth Deal). China Oceanwide still believes it is important for the company and Virginia-based Genworth to close the USD 2.7bn deal, said the source, who added that China Oceanwide cannot afford to let the deal fail after spending so much time and money to acquire the Virginia-based insurance company. Coronavirus not only put the deal on ice since March of this year, but has also slowed down the closing process due to the need for face-to-face meetings, presumably to iron out just the Genworth acquisition but also possibly the building acquisition simultaneously. Free unlimited access to ThinkAdvisor.com which provides advisors, like you, with comprehensive coverage of the products, services and trends necessary to guide your clients in making critical wealth, health and life decisions. If you are not subscribed to Dealreporter, please contact Hamish Miers for a free trial in order to access the full article. China Oceanwide is a Beijing-based real estate developer and financial services company. China Oceanwide and Hony Capital are private companies, but the executive order and NYSE delistings raised questions in the minds of Hony Capital executives about whether the … Genworth Financial, Inc. (NYSE: GNW) and China Oceanwide Holdings Group Co. Ltd (Oceanwide) announced today that Oceanwide has reached a general agreement with Hony Capital on the key commercial... Sep 16, 2020 — Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter. ”As previously disclosed, Oceanwide had a financing arrangement for debt funding of up to $1.8 billion through Hony Capital to partially finance the acquisition of Genworth. Access now! The four-year-old China Oceanwide Holdings Group Co. deal to buy Genworth GNW -25.40% Financial Inc., one of the world’s longest deal engagements, is petering out. Related Transaction - … ChinaMoneyNetwork. (Yicai Global) March 31 -- China Oceanwide Holdings plans to sell overseas properties and construction land on historic First Street and Mission Street in San Francisco to Hony Capital Mezzanine Fund 2019 for USD1.2 billion, the company said in a statement yesterday that shot its shares [HKG:0715] up by 17.65 percent to HKD0.20 (0.03 US cents) this morning. Genworth blamed the closing's delay on a failure to finalize the financing terms for Hony Capital, which is supplying the funding for China Oceanwide. Oceanwide will continue to work on finalizing its financing plan.”. Exclusive discounts on ALM and ThinkAdvisor events. Hony Capital Ltd The Company invests in health care, consumer products, media, entertainment, and manufacturing sectors. Receive a roundup of the stories most impacting the life and health insurance industry each week - FREE. Elite teams are searching for a better way of doing business -- and they're finding answers in the RIA channel. The Top 5 Lead Generation Ideas for Financial Advisors. COVID-19 also played a role, they said. If the conditions are not met, Genworth has the right to terminate the merger agreement as of August 31. The trading platform is accused of “material omissions, misrepresentations, and concealment” of payments for order flow deals. 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